Wyre Checkout — How to Choose a Crypto On-ramp

Ring Ring! You’ve got the team, the skills and the vision for the next big thing in Web 3, but you don’t know how to enable your masses of global users the ability to purchase crypto so they can interact with your platform.

Giving your user base the ability to seamlessly and securely purchase crypto, is a crucial bit of functionality that is often overlooked: simple and seamless on-ramping solutions should never be underestimated. Convoluted, complicated and time consuming user journeys are often the distinction between success and failure.

When shopping for a crypto on-ramping solution, there are a few criteria that is important to keep in mind.

1. Geographic coverage: On-ramping can be a complicated business because it requires certain licenses depending on where both your end users and your entity are located. Be sure to research which jurisdictions you will be able to operate before you fully implement any on-ramping solution.
2. Limits: Does the solution you chose have any purchasing limits? How much do you want your users to be able to purchase in any given time frame? Providers often limit purchases based on a certain amount per transaction, per day
3. Rates: How much does the on-ramping company charge for each transaction? Is it different depending on the payment method or geography?
4. Ease of implementing: How difficult is it for your development team to implement the on-ramp solution? As the old adage goes, time is money. So the faster and easier it is to implement a solution, the more time and energy you can spend working on other aspects of your business.
5. Blockchain connectivity: Depending on what blockchain your platform is built on, you will have to make sure that the onramp you implement supports that blockchain. If your platform supports multiple blockchains, then you will definitely want to choose a provider that can onramp onto multiple blockchains (and cryptocurrencies) or has the ability to swap between cryptocurrencies.
6. Payment Methods: What are the ways that end users can pay to purchase their crypto? Can they use debit cards, credit cards, ACH/bank transfers, Apple Pay, etc? This can define which users will be able to buy crypto from you and become your customer.
7. Know Your Customer (KYC): You should be asking what is the KYC and risk associated with offering an onramp to users. This research should include consideration of how thorough the process is (to protect you and your business from fraud) and also what the experience will be like for your end users. How much personal information do you want your users to have to enter? Do you want your users to have to upload documents? Do you want to save that information?

Wyre’s Checkout Widget Covers All the Bases

Wyre’s Checkout Widget is widely considered as one of the best on ramping solutions in the industry because of its excellence in all of the categories listed above. So let’s break down how Wyre performs in each.

Geographic Coverage

Wyre is one of the industry leaders in geographic coverage. Spanning over 130 countries and over 60 fiat and cryptocurrencies accepted, Wyre is leading the charge and continually expanding covered jurisdictions around the world.

Blockchain Connectivity

Wyre is integrated with several blockchains and supports a large amount of currencies for on-ramping. You can find the full list of supported cryptocurrencies here.

Ease of Implementation

Wyre’s Checkout Widget is an out-of-the-box solution which can be implemented with under 20 lines of code. When it comes to ease of use for developers and businesses, the Checkout Widget is quite spectacular. Side note: if you are on the fence about implementing, you can head to our Dashboard, get your test API keys within minutes, and try out the widget for yourself.

Payment Methods

The Checkout Widget can be configured to accept the world’s most popular payment methods. Depending on what you want to offer your users, available payment methods include credit cards, debit cards, Apple Pay, and ACH transfers (for our US users).

Rates

Having competitive fees is one of the key tenets of a successful onramp. Wyre’s fees are not only fair, but they are also straightforward, so your users always know exactly how much they will be paying. Directly in the user interface of the widget, the fees are dynamic and clearly displayed, so your users will always know exactly how much they will be paying. See the full breakdown of fees here.

Limits

Wyre’s transactional limits exist to help protect against fraud and misuse. Wyre’s limits vary depending on geography and the amount of KYC the user has gone through. For higher limits, users can go through our KYC process. For the full list of transaction limits, see this link.

KYC

Wyre’s Checkout Widget performs a light KYC by default. This can be a handy feature if you are looking for something with a light touch. However, Wyre partners also have the option of adding a stricter KYC flow to Wyre Checkout. This enables the support of ACH Direct Debits and/or higher limit card payments.

What are you waiting for? Contact sales@sendwyre.com and let’s get started building.

For more information about Wyre and how to integrate with our APIs, please visit our Website or Developer Documentation.

Connect directly with our community & dev team on Discord to get answers to all of your integration questions.

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