Adding wide rick rack in the binding makes a statement. It's a lot of fun to do.
I started by pining on my rick rack leaving 1/4 inch between the edge of the quilt and the edge of the rick rack as shown in the photo below. I ironed the rick rack before starting and put a pin in every bump. I used a half inch binding on this quilt (cut at 3 1/2 inches). If you want to use a 1/4 inch binding with this large rick rack, I would place the bottom of the bump right against the edge of the quilt and you would have more to trim off.
Then I trimmed off the extra rick rack by turning the quilt over to the back side. I then sewed the binding on as normal.
And the final results! I did have two pieces that were caught in the binding and had to be ripped out and fixed. You should check before walking away from the machine (take my work for it LOL).
I hope you get to quilt today!