Onboarding Friction with PSPs and Crypto
Hey everyone, wanted to open up a discussion here. We've been looking to integrate a few new payment service providers (PSPs) for our merchant-side crypto payments, specifically for stables and a few other larger cap coins. The KYC/KYB process for these guys, particularly if you're trying to bridge traditional finance with crypto, has become an absolute nightmare. It feels like every time we think we're clear, there's another hoop to jump through or a new document requested that wasn't on the initial checklist. It's not just the time sink, but the opportunity cost of delayed launches.
Anyone else experiencing this heightened level of scrutiny and friction lately, especially when dealing with entities that handle both fiat and crypto? It feels like the regulatory landscape is making them super risk-averse, which is understandable, but it's really slowing down legitimate businesses. Would be curious to hear about your experiences, any strategies you've found to streamline things, or if you've seen particular PSPs that handle this cross-asset class onboarding more efficiently.
Yeah, I can definitely relate. It feels like every new PSP has their own slightly different set of hoops to jump through, and when you're dealing with crypto on top of that, it just magnifies the complexity. Are you finding it's the crypto aspect itself that's the biggest holdup, or more the traditional finance side being overly cautious with crypto businesses?