Ensuring the accuracy of a Bolt driver's income and employment status is vital for different stakeholders, such as financial institutions (when assessing loan eligibility), property owners (for tenant evaluation), and fleet managers overseeing multiple drivers.
Why verifying Bolt drivers is important
For Bolt drivers, proving their income and employment is often necessary when applying for credit, renting a home, or managing tax returns. The flexible nature of gig work, which comes with unpredictable earnings and work schedules, makes it challenging to verify income through conventional methods. These methods may not provide a complete picture of a Bolt driver's actual earnings.
Common methods of verification
Historically, verifying a Bolt driver’s income and employment status has required manual efforts, which are often time-intensive and prone to human error. Here are some traditional approaches:
Tax returns
Tax declarations provide insight into an individual's yearly income and tax obligations. However, they reflect only past earnings and may not be the best indicator of a driver’s current financial situation.
Banking statements
Analyzing bank statements helps confirm regular income deposits from Bolt. Although useful, this method requires several months' worth of data to give a clearer picture of income consistency and volatility. Moreover, it lacks specific details about the activity or hours logged by the driver.
Earnings reports from the app
Bolt drivers have the ability to download monthly earnings reports directly from their driver app. These reports are helpful for showing recent earnings but rely on the driver's effort to keep records updated. Alternatively, a driver can provide screenshots from the Bolt app that show their earnings summary and work history.
If the driver also works with Uber, FreeNow, or other ridesharing apps, it will be necessary to repeat this process across all platforms to get a comprehensive overview.
🔗 Managing multiple apps for a fleet of drivers? Try our dashboard to gather data from Bolt, Uber, FreeNow, Heetch, Ola, LeCab and more to simplify your verification process.
Rollee simplifies Bolt drivers' income verification
Thanks to technology, more efficient methods for verifying a driver’s income and employment status have emerged. APIs are central to this evolution, making verification easier and faster. Here's how Rollee’s API makes a difference:
Access to real-time data
With our API, you can access live data on a Bolt driver’s earnings and employment details, straight from their driver account. This ensures you’re working with the most current information, including any recent changes to the driver’s activity or income.
Automation of the verification process
APIs allow for the automation of income verification, minimizing the need for manual intervention and reducing the likelihood of errors. This automation accelerates the verification process and creates a more streamlined experience for all involved.
Data accuracy and security
Data retrieved through an API is encrypted and pulled directly from the source, ensuring that the information is accurate and secure. This minimizes the risk of fraud and guarantees that sensitive data is handled safely.
Flexibility and customization
With our API, data retrieval can be customized to meet specific requirements. This is particularly helpful when distinguishing between various sources of income or analyzing work hours.
By leveraging APIs, companies can rely on alternative data, enhancing the accuracy of verification. To understand more about how alternative data is transforming industries, check out our piece on the rise of alternative data.
🔗 Request a demo today and see how Rollee can streamline income verification for Bolt drivers through a unified platform.Start verifying Bolt drivers now.
Combining traditional and API-driven verification
While APIs offer immense advantages, they are most effective when used alongside traditional methods. Here’s how combining both approaches can improve verification:
Cross-checking income verification
In addition to Rollee’s API for Bolt, companies can leverage other APIs to cross-verify income information from different sources. This multi-pronged approach ensures a comprehensive and reliable income profile for each driver.
Standardized data across platforms
Through our API, verifiers can pull information from multiple gig platforms (such as Bolt, Uber, and others) and receive standardized reports that consolidate all relevant earnings data.
Filling data gaps
Traditional verification documents are often outdated or incomplete. APIs help fill in these gaps by providing supplementary, real-time data that can enhance the overall verification process.
Managing complex income sources
For drivers with irregular earnings or multiple income streams, APIs simplify the data collection process, making it easier to assess a driver’s full financial profile without manual calculations or error-prone documentation.
Conclusion
Verifying the income and employment status of Bolt drivers is essential but can be challenging. While traditional methods provide a foundation, they often fall short in capturing the complexity of gig economy earnings. Rollee’s API addresses these gaps by offering real-time data access, automation, and cross-platform standardization. This combination of traditional and API-based verification delivers a more accurate and efficient process, which is increasingly important for fleet managers, financial institutions, and landlords in the evolving gig economy.
Interested in learning more about how fleet managers can enhance operations? Check out our blog on managing your fleet more efficiently.
