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Onboarding Friction with Payout Service Providers for Prop Firms
Curious if anyone else has experienced significant friction when a prop firm uses a payout service provider (PSP) versus direct bank transfers. I've been trying to get set up with a new prop firm, and their PSP's KYB process is just brutal – multiple document requests, slow verification times, and a general lack of clarity on what they actually need. It feels like an unnecessary hurdle just to get paid. Wondering if others have found certain PSPs or even just the PSP model itself to be more cumbersome, impacting how quickly you can access funds.
1 comments · 5 points
I've definitely seen this, and it's frustrating because the PSP is often just a middleman adding complexity without much value for the trader. Sometimes it feels like they're trying to shift all the compliance burden onto the user, which defeats the purpose of the prop firm handling that side.