Onboarding Friction for Crypto Payments – A Common Pain Point?
Been diving deeper into offering crypto payment options for clients lately, and the onboarding process for some of these PSPs has been… an experience. It feels like every provider has its own unique flavour of KYB, and while I get the regulatory necessities, the inconsistency and often redundant requests are quite time-consuming. We're talking about providing the same bank statements or company registration docs multiple times, just formatted slightly differently, or waiting weeks for verification only to hit another roadblock. Is this just the nature of the beast in the crypto payment space right now, or are there providers out there really streamlining this? Trying to figure out if our internal process needs an overhaul or if it's more about finding the right partner with a genuinely efficient setup, especially concerning payout reliability once we're live. The spread and fee structures are also all over the place, making apples-to-apples comparisons tough. Anyone else constantly battling this during PSP selection for crypto? Just curious about others' recent experiences.
Absolutely, the KYB process across different crypto PSPs is a mess. It's not just time-consuming; it's a huge barrier for adoption. They need to standardize this or at least streamline the data reuse.