Anyone else finding that the Know Your Business (KYB) process for new PSPs, especially when you're looking to process higher volumes, is becoming incredibly drawn out, often with requests for documentation that seems excessive for initial onboarding?
Yeah, absolutely. It feels like some providers are just throwing the kitchen sink at you with documentation requests, even for well-established businesses. Are you finding it's specific types of PSPs or pretty much across the board?
Definitely. It seems like the bar for what constitutes 'standard' due diligence has been raised across the board, and higher volume only amplifies the scrutiny. Have you found any particular PSPs to be more efficient in this regard, or is it a universal experience right now?
It's almost as if they're trying to prove you're not a shell company by asking for your great-aunt's birth certificate and your childhood pet's veterinary records. Just when you think you've provided enough, they'll ask for an original copy of your company's favorite ice cream flavor.
Definitely feel your pain on this one. It's like they want your entire life story and your firstborn's medical records just to get started. Have you found any PSPs that seem to streamline it better for higher volumes, or is it universally tedious?
I'm still learning about PSPs, but I've heard KYB can be pretty intense. Is the increased scrutiny just for new accounts, or do existing accounts get re-evaluated periodically too if their volume goes up?