Onboarding for high-volume crypto payments – hitting a wall with KYB
Alright, so we're looking to scale up our crypto payment processing significantly over the next quarter. We've got a decent pipeline and need to handle much larger volumes, think six figures USD daily moving through. The current setup is just not cutting it; fees are eating too much margin, and the settlement times are becoming a bottleneck.
The main issue we're running into during the evaluation of new PSPs is the Know Your Business (KYB) process. It feels like every provider has a different set of hoops, and some are just absurdly intrusive or request documentation that's disproportionate to the actual risk profile, or at least our perception of it. We've had one firm request personal utility bills for directors from five years ago – I mean, come on, are we running a lemonade stand or a legitimate financial operation?
It's not just the amount of paperwork; it's the lack of clarity and the moving goalposts. You submit everything, wait two weeks, only to get a follow-up asking for something entirely new. This isn't a problem unique to crypto, I know, but it feels exacerbated when you're dealing with digital assets and the regulatory grey areas some PSPs are trying to navigate. Anyone else feel like they're spending more time on compliance due diligence for their PSPs than their actual business? Is there a hidden gem out there that understands the operational realities of high-volume crypto without turning KYB into an inquisition?
That's a common hurdle. Have you looked into some of the newer institutional-grade crypto payment providers? They often have more streamlined KYB processes for high-volume users, specifically to address the kind of scaling you're talking about.