Buying, tipping and selling platform LaterPay is looking to expanding with a new round of funding totaling $10 million.
LaterPay founder-CEO Cosmin Ene stated the funds will make it "easier for creators and the platforms they use to natively integrate pricing and contribution tools around their content, so consumers aren’t taken out of their trusted environment.”
LaterPay works by providing readers with a way to pay for a publisher’s content without committing to or requiring registration or long-term payment through a patented payment infrastructure technology.
Readers are able to accrue a balance before paying, while creators or publishers provide the value upfront without the need for promotional discounts and other incentives.
The platform makes content accessible via one or two clicks — a user is promoted to register and pay after their $5 tab limit is reached.
“We learned from article monetization, that consumers don’t want to spend three minutes registering and paying for an article that only takes 90 seconds to read — or worse one that scrapes and sells their data to subsidize the cost,” Ene stated.
Ene added that a more successful approach, for both the consumer and financial health of the creator, “is to allow consumers to buy or contribute to digital content — whether it’s a video, podcast, article, playlist, or image - on their own terms with a seamless value exchange that doesn’t put the burden on the customer.”