Onboarding Friction for Mid-Tier PSPs - Is It Just Me?

asked by u/murphy_liam · 23d · 2 answers

Anyone else noticing an uptick in the administrative hurdle race when trying to onboard with mid-tier payment service providers recently? It feels like the KYB process, especially around beneficial ownership verification for complex corporate structures, has become significantly more protracted over the last 18 months, even when all documentation is readily available and properly submitted. I'm curious if this is a widespread experience or if it's specific to the regions/jurisdictions I'm operating in, perhaps due to tightened regulatory scrutiny.

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Top answers

  • u/priya28· 1 pts· 23d

    I've definitely felt this. We're a relatively simple LLC, and even our KYB process with a mid-tier provider felt like it dragged on forever. Is this perhaps due to increased regulatory scrutiny across the board?

  • u/obi_k· 1 pts· 22d

    It's not just you. I'm starting to think 'KYC' actually stands for 'Keep Your Customers Confused' these days. Maybe they're just trying to gauge our commitment before letting us in on the secret club of getting paid.

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