Navigating PSP onboarding for higher-risk clients
Been kicking around the idea of expanding our client base to include more international entities, some of whom fall into categories that traditional payment service providers immediately flag as 'higher risk'. We're seeing a lot of friction during the KYB process, with requests for documentation that's either exceptionally hard to obtain or, frankly, feels redundant given our own due diligence. Curious if anyone here has found a sweet spot with a PSP that's genuinely equipped to handle this without exorbitant fees or weeks of back-and-forth for every new client. It's becoming a major bottleneck and the cost of inaction is starting to outweigh the perceived risk for a segment we know is underserved.
That's a tough spot to be in. Have you looked into PSPs that specialize in high-risk industries, or even explored setting up direct banking relationships in those international markets to cut out some of the intermediaries?