Popular freelance platform goLance has praised Ripple for making the payments of over 500,000 users a walk in the park, in what can best be described as a show of excitement. The company announced that Ripple’s On-Demand Liquidity, a cross-border payments solution powered by XRP, will officially be used to settle the payments of its users.
The Painful Old Way
Like most successful companies, growth is unstoppable. The same can be said about goLance, which has seen a spike in the number of its users to over 500,000. Though this is good news for the company, it also brings with it the challenge of slow payment, all thanks to the use of a traditional cross-border payment service. Not only is their service slow, but it’s also highly unreliable and has a high fee attached to it as well.
Traditional methods of sending money from one country to another utilize wire transfers which are, sadly, not straightforward. The money will have to pass through various banks, with each of them taking a percentage of the money before it finally reaches the receiver. At the end of the day, very little is left of the money after the series of deductions from the various banks.
Ripple and XRP: New Solution for goLance
One of goLance’s selling points is the assurance of a faster, more efficient and cheaper funds transfer for its freelancers. The need to live up to its promise made the company to partner with RippleNet in order to gain access to the existing global network of banks and payment systems to cut down its set up time from six months to two weeks. This will bring down the cost of cross-border payments and also ensure they happen in real-time.
goLance stated that the cheaper transfer cost which Ripple’s ODL affords it has brought about significant improvements in its business by encouraging its growth as well as leaving its customers happy.
goLance CEO Michael Brooks explained their decision the following way:
“I get on planes to places like the Philippines and meet these people face-to-face. That’s helped me see first-hand why freelancers are hyper-sensitive about the cost and time it takes to be paid. RippleNet’s On-Demand Liquidity gives us the ability to make hyper-efficient, low-cost payments that make our customers happy and drive growth for our business.”
goLance also mentioned two more reasons why it went with Ripple and XRP. The first reason being that the XRP is a “stable, utility-based digital asset” and a better choice compared to Bitcoin which would require recipients to go through the stress of converting it to their local currency. The second reason is that Ripple has a global presence via its offices in many countries, which businesses can easily approach for a partnership.
As for the adoption of XRP, Ripple states that the popularity of XRP as a global asset for payment has grown massively within the last two years. And it has a lot of expectations for its further adoption, especially as there are signs that the company may get support from the U.S. government.
Damola is a crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through positive contribution to the organization that aspires for excellence.