Onboarding Grind: My Latest PSP Nightmare
Just spent the last three weeks trying to get a new PSP up and running for a client's e-com operation. KYC/KYB on our end was solid, yet it felt like pulling teeth to get them to greenlight anything beyond the most basic processing. Every document was a 'please resubmit with minor correction' and their 'dedicated account manager' seems to have a strict 24-48 hour response time, even for clarifying a typo. We're talking established businesses with years of clean books, not some fly-by-night operation. It makes you wonder if they're actually protecting against fraud, or just enjoying the bureaucratic power trip. Anyone else experiencing this level of onboarding friction lately, or have I just been particularly unlucky with the recent crop of 'fintech innovators'?
That sounds incredibly frustrating. I've definitely experienced similar delays and circular requests with PSPs, even when everything on our side is perfectly in order. It makes you wonder if some of these 'minor corrections' are just a way to manage their own internal workflow or backlog.