The promise of the fiat-to-crypto onramp is an enticing one: with minimal effort, your platform can integrate a widget that allows your customers to turn their fiat money into bitcoin, ether or any other crypto. 

In practice, however, onramping is far from the seamless process it’s made out to be. Your provider doesn’t want you to know this, but an estimated 50% of transactions fail after KYC has been passed. 

That’s a little alarming, isn’t it? It gets worse. Our October 2022 report identified that abandonment rates during the checkout process can reach as high as 90%.

Why aren’t the onramps working?

To be clear, they do work. And when they do, they’re an excellent way to get new customers up and running in the crypto ecosystem. The problem is getting them to work consistently. 

It’s impossible for any given onramp to cater to all demographics. With so much global variance in payment methods, proof of address/identity documents, and fiat currencies used, every solution must make trade-offs.

Unfortunately, those trade-offs come at the expense of user experience for a majority of customers — who are repeatedly hit with the dreaded ‘transaction failed’ error.

Aggregation fixes this

Simply switching your provider won’t solve an issue that impacts every player in the industry.

Introducing multiple onramps could reduce dropouts, in theory, but it’s an expensive solution that isn’t guaranteed to work:

• Integrating and maintaining several stacks eats a significant amount of resources

• Customers will still need to find an onramp that works for them via trial and error

The right aggregator can remove these points of friction: resulting in lower integration costs for you, and streamlined onboarding into the crypto ecosystem for your customers.  

The secret sauce: dynamic transaction routing

At the heart of aggregation lies an engine that can identify (and understand) your customers profile and their needs — their location, the fiat currency they’re using, the KYC documentation they have available, etc. The engine takes these factors into account before intelligently matching them with the onramp most likely to ensure a successful transaction. 

Our research shows that there are 70+ such inputs that can influence a fiat-to-crypto swap. To be effective, the aggregator’s engine must consider them all.

Truly global coverage

Want consistent completion in fiat-to-crypto transactions? Increase access to local payment methods.

Across the board, these routes are tied to higher success rates. But, frustratingly, there isn’t a single onramp that can provide access to them all — different solutions excel in local payment methods for different regions.

By aggregating them, you instantly broaden your access to location-specific rails. Which, in turn, allows you to equip your customer segments with the best path to crypto available.

Lower fees. Higher outputs.

You might know that your onramp’s fee isn’t actually representative of what your customers are paying. Far from it.

When presented with a single onramp, they’re tied to its conversion rates, its bid-ask spreads and its chosen network fees. All of these hidden costs add up to take a chunk out of the amount of crypto received.

Here, aggregation works as it does on any booking website: it weighs up the different onramps and (all) their rates to calculate the cheapest option — meaning that your customers get the best bang for their buck on every transaction.

Onboarding made easy

The crypto landscape can be difficult enough for newcomers to grasp. Their very first step shouldn’t be a massive hurdle. 

With a fiat onramp aggregator, it won’t be. You’ll make sure your customers are repeatedly enjoying seamless swaps (for better rates, too) — all while reducing your own technological overhead.

Want to find out how Onramper can turbocharge your success rates with streamlined aggregation? Book a call with our experts today.