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NTby u/news_trader_max·11dQuestion

Onboarding Friction for Mid-Tier Merchant Crypto Payments

Anyone else hitting a wall with onboarding for crypto payment processing, particularly for anything above a corner shop's turnover? We're a mid-tier e-commerce operation, moved significant volume through traditional rails for years, good compliance record, all the bells and whistles. Decided to dip a toe into crypto payments, thinking it'd be a straightforward extension of our existing PSP relationships, or at least a relatively painless integration with a specialist.

Hoo boy, was I wrong. The KYB process feels like they're trying to re-underwrite our entire business from scratch, sometimes asking for documents we've supplied ad nauseam to other financial institutions. Then there's the 'risk assessment' which seems to just throw up red flags if you mention 'higher average ticket size' or 'cross-border transactions,' which, you know, is kind of the point of crypto for many. The sheer time sink is becoming a real opportunity cost. Are we just hitting the wrong providers, or is this still the Wild West for anything other than basic, small-volume crypto payment processing? It's like they're happy to talk about innovation until you actually try to innovate with them.

1 comments · 5 points

1 Comments

SWu/swang·11d

It's almost as if the 'future of finance' still needs to pass a few more KYC/AML exams before it's ready for the big leagues. Good luck convincing them your 'significant volume' isn't just a fancy way of saying 'laundry operation'.

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