Small Business In Portugal Grows Powered By Faster And Cheaper Remittances From Brazil
The payment industry is helping individuals and companies from all over the world to grow and expand in the market. One of the many success stories is related to Erick Gutierrez, a Brazilian developer that moved to Portugal where he worked as a developer.
He started to work on a project called Euro Dicas. In 2017 he was able to make it his full-time job. He and his team explained to people how to move internationally, declare and pay taxes, secure a visa and more.
Thus, his business started to grow and hired some workers. There are six full-time employees and more than 40 freelancers around the world that work at the firm. However, he was being squeezed by high fees, unreliability and long transaction times for payments.
In order to process these transfers, it was necessary to pay around 10 percent of the amount transferred and way around five days for the transaction to be completed. There were other solutions such as Western Union or MoneyGram, but the fees were also very high.
This is why Gutierrez decided to start working with BeeTech Global, a Brazilian company that provides international payment services to around 150,000 customers around the world. The company uses Ripple’s services to power fast and reliable transactions.
Gutierrez is now able to receive fast payments twice a month using BeeTech. It also manages scheduled payments to more than 40 employees and contractors located in Europe, Latin America and also North America. Payments arrive in just a day, they are reliable and also transparent. This is very important for the company to scale its operations.
Since 2017, Gutierrez explained that he was able to grow the site from half a million visitors in all 2017 to 1.5 million per month in 2018. He is also experiencing growth of between 30% and 40% per month.
BeeTech is one of the companies that is currently using Ripple’s blockchain technology for payments to be processed fast and in a very easy way. BeeTech is able to eliminate SWIFT fees and the need to use these old technologies that are becoming slower and more expensive to use compared to other solutions.
Ripple is also working with other financial companies around the world with the intention to reduce transaction times and costs.