Credit Card Payments now accepted on the CanWork.io freelance platform.
CanYa worked closely with the awesome team at LimePay to seamlessly interact credit cards with the CanWork smart contract — making it the first dApp to launch with direct credit card integration.
This greatly widens the addressable market for clients to book CanWork freelancers — a goal that we have been chasing for some time.
A quick word on Limepay
LimePay.io is a SaaS platform that enables end-users to freely execute transactions for decentralised applications (dApps) with fiat money.
No need for user registration or creating an external crypto wallet. Clients use their credit card normally. LimePay takes care of the rest!
How it will work?
User pays with credit card — Simple, and also all the user cares about!
In the background:
- A browser wallet is generated for the user
- Cash (as DAI stable-coin) is remitted to a CanYa merchant account
- The CanWork backend sees successful payment and prepares two transactions:
1) $CAN from CanYa liquidity into a newly-generated User Browser Wallet
2) $CAN from User Browser Wallet into the ‘Hedged Escrow’ smart contract which will protect the job value from volatility while it is being completed
- Job flow commences on CanWork
Why is this important?
Adoption.
One of the problems with adoption of decentralised apps is the admissions barrier. Usually this involves complicated steps which takes users away from the platform and impedes conversions.
“With in-built credit card facilities, there is no need to leave the platform. No need to buy native tokens, register with crypto exchanges, download cryptocurrency wallets or dApp browsers like Metamask.”
Jobs for freelancers
If you are looking for a freelancer CanWork will now be a very similar user experience to that of our main fiat competitors. However, CanWork will encourage clients (and our freelancers to bring their existing clients over) as:
- CanWork has zero platform fees. Compared to the major fiat platforms CanWork will save the average freelancer 20–30% of their job value. These savings can be passed onto clients as they will be encouraged to post more competitive rates on our platform.
- CanWork only has a 1% payment fee, even with LimePay. This is about 3 x cheaper than PayPal = more savings for the client.
- CanWork is cutting out the middleman and empowering its freelancers rather than making them pay huge ‘toll fees’. If you’re a client wouldn’t you rather all of your payment going to the freelancer you booked rather than a large corporate toll collector?
CanYa tokenomics
Limepay is a big deal because it is converting fresh money into $CAN. Any job booked via credit card will buy $CAN off the market to move into the Hedged Escrow (automatically).
“So, while the Clients won’t physically have to buy the token, $CAN is still critical because it feeds the escrow smart contract. This buying side pressure aligns nicely with our token economic model.”
Credit cards now live!
The LimePay integration is now live! Get onboard, book one of our awesome freelancers and encourage your friends and network to do the same. Help us build the future of the freelancing industry!
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