Anyone else finding KYC/KYB a never-ending saga for new payment rails?
We've been looking into expanding our payment options, specifically integrating some of the more niche alternative payment methods for international customers. The goal is to reduce friction at checkout, but honestly, the friction on our end trying to get set up is reaching comedic levels.
It feels like every new PSP has its own unique flavour of 'rigorous' KYC/KYB, each more convoluted than the last. We're talking endless document requests, multiple rounds of 'clarification,' and then waiting weeks only to be told some minor detail on a utility bill from 2019 isn't quite right. It's draining internal resources just to get to the point of discussing rates, let alone actual integration. Is this just the new normal for expanding payment infrastructure, or are we perhaps looking in the wrong places? Any pro tips for streamlining this bureaucratic nightmare? It's making me nostalgic for the good old days of just, you know, plugging in a credit card processor and calling it a day.
Oh, absolutely. It's like every time you think you've cleared one hurdle, another one appears, sometimes asking for documents you didn't even know existed. It's definitely a common pain point when trying to innovate with new payment solutions.