GoLance, a US-based online market place connecting employers with freelancers all over the world, has adopted Ripple’s On-Demand Liquidity product, a solution making use of XRP, to offer its users faster delivery and cheaper payment services.
Michael Brooks, the CEO of the global freelance marketplace with no full-time employee said he opted for Ripple technology after understanding the needs of his customers and the importance of the faster, cheaper payments service.
Book explained that after observing that freelancers are hyper-sensitive about cost and transaction speed, he discovered Ripple technology as the best solution to goLance existing problems.
“I get on planes to places like the Philippines and meet these people face-to-face,” Brooks said in a release.
“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 has more than 500,000 freelancers. The platform is faced with the challenges of high cost in developing its new communities that offers talented persons in the developing world easy access to professional jobs and sustainable sources of income.
GoLance asserted that the elongated time required in processing international payment via the traditional means is also an impediment to the growth of the company.
Brooks said GoLance is dedicated to paying freelancers on time so that they can also meet their basic needs.
“Our freelancers have a real appetite for hard work and delivering results for clients. But they also need to be paid on time so they can feed their families and send their kids to school. Arranging fast payments from one side of the world to another using multiple currencies and processes isn’t straightforward.”
The CEO of the freelance platform stressed that cutting high charges from the income of workers in places like Mexico and Philippines (there they earn low) is quite discouraging for the freelancers. Thus, the experience Brooks has as the author of two books on electronic payments and digital assets made him sort for the right solution.
“The traditional way of sending money to other countries is a wire transfer that moves slowly from bank to bank to bank with each one taking a cut. “It takes days and makes no sense for smaller amounts as the recipient ends up losing a huge percentage of their earnings. The other way is to develop relationships between banks in each country but that’s complex, time-consuming and ties up liquidity,” Brooks said.
Despite the archaic and expensive method offered, partnering with banks takes about 6 months, GoLance lamented, saying you only need to tap an existing global network of banks and other payment services on RippleNet, and you will get new corridors up and running within 2 weeks.
Brooks explained that goLance was established with the aim of assisting people in developing nations to sustain themselves with a stable source of income.
“Our job is to make sure that people can buy groceries. That’s why we chose a stable, utility-based digital asset like XRP. We could have used Bitcoin but its value is too volatile and the recipient has the extra step of converting it to their fiat currency. If there’s a problem, I can’t call Bitcoin. Ripple is a service provider. I’ve visited their offices all over the world and work with their teams to make our payments experience faster and more efficient,” Brooks added.
GoLance said the ease of establishing new payment corridors solution by partnering Ripple will make the freelancing platform satisfy customers and compete better in the industry.
“What’s most exciting is that we can go to parts of the world where there’s great opportunity for growth but are difficult in terms of payments. Ripple does all the hard work to open up these challenging corridors so we can provide faster, cheaper payments that help freelancers provide for their families, deliver for their clients and grow their businesses as we grow ours.”