Payment method cant be verified. Add a new payment

Trying to enable Family Sharing for our family so we can all purchase iTunes items together, with the same payment info, etc.

I go to Settings > iCloud > Set Up Family Sharing > Get Started > Continue (Family Setup) > Continue (Share purchases) > and I arrive at an error page that says...

Change Payment Method, "The payment method on this account cannot be verified. Add a new payment method in iTunes and App Store Settings"

It has a link to kick you over to those settings. I go there and confirm my payment info is correct. I re-enter it, but same problem. I removed the payment info all together. Sign out, back in, confirm there is nothing there, then re-enter it. Same problem.

This is the same payment info I have been using for years, and it works for iTunes and App purchases. Any idea what I should be doing to resolve this?