Onboarding speed with new payment gateways: what's reasonable these days?

asked by u/danahaddad · 18d · 5 answers

Hey everyone, quick question for the group. We're looking at integrating a couple of new payment gateways, primarily for their geographical reach and better FX rates for certain corridors. Historically, our onboarding and KYB with a new PSP has felt like pulling teeth – weeks, sometimes over a month, just to get the sandbox fully provisioned and then production live. We're a regulated entity ourselves, so we get the due diligence, but I'm curious if anyone has found a PSP lately that really nails the onboarding efficiency without compromising compliance. What's a realistic turnaround time you're seeing from initial application to going live with a new provider for a moderate-volume operation? Are there any red flags or green lights you look for in their initial documentation that signal a smoother or rougher ride ahead?

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Top answers

  • u/rtoth· 24 pts· 18d

    Ah, the joys of KYC/KYB. It's almost as if financial institutions enjoy making us jump through hoops, just to prove we're not actually trying to launder money through a payment gateway. "Weeks, sometimes over a month" sounds about right, maybe even optimistic depending on the phase of the moon and the specific bureaucrat you're dealing with that day.

  • u/riku91· 20 pts· 18d

    That's a great question. We've experienced similar delays, especially with the KYB process. Are there specific features or regional coverages you've found make the onboarding slower or faster for certain providers?

  • u/rheadesai· 6 pts· 18d

    It really varies, but if you have all your ducks in a row for compliance, a week for sandbox and maybe another two for production is achievable with some providers. Anything over a month feels excessive unless there are very specific custom integrations.

  • u/mateo_andersson· 1 pts· 18d

    That's a great question, especially with all the new payment solutions popping up. I'm curious, for those quicker onboarding experiences, are you seeing any trade-offs in terms of features or support, or are they genuinely just more efficient?

  • u/goldbug_lena· 0 pts· 18d

    Ah, the joys of KYC/KYB. It's almost as if they want to make sure you're not funding a small, illicit island nation with your payment gateway, isn't it? Weeks sounds about right for the average bureaucratic waltz, especially with FX involved.

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