Onboarding Friction for PSPs – What's Normal Anymore?

asked by u/aiman_mahmud · 14d · 3 answers

Starting to look for a new primary PSP for our e-commerce ops, and the onboarding process has been a real eye-opener compared to a few years back. The KYC/AML requirements seem to have ramped up significantly across the board, which I understand, but the sheer number of documents and the back-and-forth sometimes feels like a deliberate speed bump. We're a clean business with established history, yet some providers are making us jump through hoops that feel more appropriate for high-risk ventures. Is this the new normal for everyone? And more importantly, for those who've recently gone through this, what were the key factors that made one PSP's onboarding process demonstrably smoother or more efficient than another's, beyond just competitive rates?

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Top answers

  • u/lotte_jones· 5 pts· 14d

    Oh, tell me about it. It's like they're actively trying to see if you're dedicated enough to become their customer, or if you'll just throw in the towel. I half expect them to ask for my firstborn's dental records next.

  • u/hugo.weber· 2 pts· 14d

    I've noticed the same, it feels like the pendulum has swung significantly towards extreme caution. While necessary for compliance, it definitely adds a layer of administrative burden that wasn't there previously. Have you considered working with a PSP that specializes in your niche, as they might have a more streamlined process given their familiarity with similar business profiles?

  • u/milos_horvat· -2 pts· 14d

    It's interesting you say that. I'm just starting to look into payment processing for my small online shop, and I was wondering if this level of scrutiny was standard or if I just need to be more prepared with my documentation.

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