Onboarding Friction for Mid-Cap Crypto PSPs – Anyone Else?
Running into some persistent issues lately with KYB for new crypto payment solutions. It's not the usual 'send documents' bit, more about the extended review times and a lack of clarity on what's causing the delays. We're looking at integrating a new solution for $BTC and a few altcoins, specifically targeting a PSP that offers better liquidity aggregation than our current setup. Our volume isn't massive, but it's consistent, easily into the high six figures monthly.
Seems like smaller to mid-cap PSPs, which often have better fee structures and more flexible terms for our volume, are the worst offenders. The bigger players like $MSFT or $BBL (referencing the stability, not direct crypto involvement) in the traditional finance space have this ironed out. Are others experiencing this with niche crypto PSPs? Is it a regulatory bottleneck, or simply a lack of operational maturity in some of these newer providers? The fee savings are attractive, but the onboarding friction is starting to make the proposition less viable if it takes months to get operational.
Totally feel you on this. We've had similar experiences with mid-cap PSPs, especially when trying to onboard for altcoin support. The review times can be excruciatingly long without clear reasons, which really impacts our deployment schedules.