Anyone else finding KYC/KYB on new payment rails a total time sink?
Been diving headfirst into integrating some newer, more 'agile' payment solutions for a couple of our smaller ventures, particularly eyeing those with better multi-currency support and lower micro-transaction fees. The promise is always so shiny: seamless integration, instant payouts, a veritable paradise of financial flow. Then you hit the KYC/KYB phase, and suddenly you're back in the stone age.
It feels like every new PSP, even the 'crypto-friendly' ones, has their own unique flavor of bureaucratic torture. Documents that were perfectly fine for the last five providers are suddenly insufficient. Bank statements need to be notarized by a unicorn, proof of address needs to be signed by the Queen, and god forbid you have a non-standard company structure. It's not just the sheer volume of paperwork, it's the back-and-forth, the 24-hour response times for each clarification, turning what should be a week-long process into a month-long saga. Has anyone found a legitimate shortcut or a PSP that truly nails the onboarding process without feeling like you're applying for a security clearance to the Pentagon?
Definitely feel your pain on this. It's like you spend all that time researching and vetting, only to hit the wall of paperwork and waiting periods. Makes you wonder if the 'agility' they promise is only for after you jump through all their hoops.