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Onboarding & KYB for new PSPs – still a mess?
It's 2024 and I'm still seeing absurdly long onboarding times and opaque KYB processes from new PSPs. We're trying to integrate a couple of niche payment rails for specific markets, and the amount of back-and-forth for what should be standard documentation is frustrating. Some even have different requirements for the same entity across different regions. Are we just unlucky, or is this still a widespread issue for those of you integrating new providers? Feels like a major drag on agile product development when you're waiting weeks for an account to go live, let alone begin actual testing. What's the biggest pain point you're seeing on the infrastructure side when adding new payment options?
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It's interesting you bring this up. I'm just getting into understanding the payment processing space, and I've always heard it's complex, but I didn't realize the KYB process itself could be such a bottleneck. Is there a specific type of documentation that seems to cause the most friction?