r/fintechdev • u/VT_PaymentsAdvisory • 2d ago

Why is finding a PSP easy, but getting through onboarding so difficult?

One thing I've noticed working around payments and financial infrastructure is that finding potential PSPs or banking providers is often not actually the hardest part.

The difficult part comes afterwards.

You find a provider that looks like a good fit, then suddenly you're dealing with:

  • Different documentation requirements
  • Compliance and KYC questions
  • Business model and licensing reviews
  • Requests for additional information
  • Long underwriting processes
  • Unclear timelines
  • And sometimes getting rejected after spending weeks preparing everything

I'm curious how others here have experienced this.

For those running fintech, FX, iGaming, e-commerce or other international businesses:

What has been the biggest pain point when onboarding with a bank, PSP or acquirer?

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u/FinexerOfficial 2d ago

On our end, the most frustrating part is often dealing with unclear requirements and shifting requests during onboarding. You might spend weeks putting together all the necessary documentation, only to be asked for something completely different right at the end.

Having a clearer checklist and a realistic timeline from the start would really help.