SmartRamps Overview

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Introduction

SmartRamps are, in the simplest terms, an onramp directly into a smart contract's output. Wyre’s partners can now link their existing smart contracts directly to any of Wyre’s APIs, including fiat payment methods.

This functionality allows end users to interact with Web3 with one simple transaction, removing the complex purchasing flows currently in the ecosystem.

Partners will be able to retain complete control over the UI of their checkout flow, as SmartRamps is available as a white label API solution.

Existing SmartRamps:

Existing SmartRamps can be integrated freely. These include:

Check back regularly as new SmartRamps will be added. If you would like to contact Wyre about partnering to create a new SmartRamp, please reach out to us here.

Overview

At a high level, SmartRamps execute smart contract calls on behalf of end users. There are 2 portions of the flow where the first is enacted by the end user and the other by Wyre. Every use case will have a different flow, but let's look at an example to understand how they generally work.

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In this example, an end user wants to use a SmartRamp to purchase an NFT with a credit card. The flow of funds is as follows:

  1. End user decides to purchase an NFT
  2. User sends fiat currency via a credit card to Wyre's fiat account
  3. When Wyre receives the funds, SmartRamp execution begins
  4. Wyre executes on-chain transactions from the SmartRamp hot wallet, including the appropriate calldata and input tokens in each transaction
  5. The NFT is received by the designated wallet address

Thing to note:

  • The end user will not need any crypto in their wallet to complete a SmartRamp transaction. The entire cost (gas + input tokens) of the SmartRamp transaction will be denominated in fiat.
  • SmartRamps can execute any number of transactions. However, certain considerations should be taken into account in order to optimize implementation time, throughput speed and transaction costs.

Get Ready

Before starting your integration, you'll need to create an account. If you haven't done so already, head over to the Wyre dashboard to create it and start this process.

You can try the functionality right away by accessing our test environment from the Wyre dashboard.

Pricing

Currently, there is no cost to integrate SmartRamps with your business. All fees are assessed to the end-user. You can see a breakdown of the fees per transfer in the table below.

Payment Method TypeService AreaFees
Debit/Credit CardsUS3.9% + $0.30
Debit/Credit CardsInternational5.4% + $0.30

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Fee Notice

As a partner of Wyre, you can add your own fee on-top of Wyre's to generate revenue for your business. This should be discussed with your Wyre Sales Representative during the time of contract creation and signing.

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Minimum Fees

There is a minimum fee when processing card payments with a SmartRamp. This is important to consider when processing small transactions.

  • US: $5 minimum fee or 3.9% + $0.30, whichever is greater.
  • International: $5 minimum fee or 5.4% + $0.30, whichever is greater.

Payment Methods

You will be able to accept payments via debit and credit cards.

Payment TypeDetails
Low Limit Card PaymentsThere are two ways to provide card payments for end users. You have the option of providing users with Debit Card and Credit Card.
High Limit Card PaymentsUse our hosted KYC flow to easily accept higher limit purchases for your users.

Transaction Processing Limits

Order TypeLow limits, No KYCHigh limits, User KYC
Debit/Credit Card Domestic (US)Weekly: $500
Yearly: $5,000
Weekly: $2,500
Yearly: $100,000
Debit/Credit Card InternationalWeekly: $1,000
Yearly: $7,500
Weekly: $2,500
Yearly: $250,000

The limits work on a rolling basis so if someone reached their weekly limit on a Friday, they would have to wait 7 days until the following Friday to make another purchase up to their weekly limit.

Supported States and Countries

A comprehensive list of supported states in the US and countries across the world can be found here.

Preparation

As mentioned before, be sure to create an account in Wyre's testing environment.