Onboarding Friction for Corporate Accounts with Tier 2 PSPs
We've been doing some due diligence on a couple of smaller, more niche payment service providers recently, looking for better terms on higher-volume transactions than our current tier-1 provider offers. What's striking is the sheer disparity in KYB processes for corporate accounts. One particular PSP, which otherwise offers very competitive rates and has good liquidity, has an onboarding workflow that feels like it's stuck in 2005. Multiple rounds of document requests, internal forms that need physical signatures then scanned, and a general lack of clear communication on what exactly is delaying the process. It's almost making the cost savings negligible when factoring in the man-hours burned. Anyone else finding that the drive for lower fees with smaller players often comes with an inverse relationship to efficient onboarding, particularly for a well-established entity that isn't a startup?
It's always a fun adventure, isn't it? Competitive rates often seem to come with a side of 'prove you're not a shell company from an alternate dimension' KYB. Makes you wonder if they secretly enjoy the paperwork.