![]() Glassdoor reports there are more than 8,000 open jobs for payments engineers now. It's not playing in nearly the same ballpark.īuilding a high-scale payments system from scratch would take months, after first hiring dozens if not hundreds of engineers - those same scarce, specialized engineers that PayPal, Stripe, Adyen and others are competing to recruit. OnlyFans is reportedly seeking a valuation of around $1 billion from investors. Stripe, which is privately held, recently raised $600 million at a $95 billion valuation Adyen, a European payments company, is worth about the same. PayPal has a full-fledged, spend-and-send payment network it's worth about $319 billion. That's a more complicated proposition than the basic ecommerce scenario where you sell goods and get paid for them. The site offers adult entertainers (and anyone, really) a system for delivering videos, posts and other content to paying subscribers, which means it has two payment problems to solve: It must first collect money from those subscribers and then deliver it, minus a cut, to the creators. ![]() The kind of payments system OnlyFans requires is particularly challenging to replicate. And there's a strong chance that an OnlyFans with an in-house payment system would arrive at the exact same conclusion that OnlyFans without one has: It can't safely host and charge for sex videos while participating in the modern financial system at scale. There are a host of reasons why not - cost, time, difficulty and regulations among them. In response, a bunch of purportedly intelligent people on Twitter have all come up with the same purportedly brilliant idea: Why doesn't OnlyFans just build its own payments system? OnlyFans, reportedly under pressure from banking and payments partners, is banishing porn. Read on for why payouts to creators, not just taking payments from customers, is a crucial and difficult issue for adult content businesses like OnlyFans. Update: OnlyFans founder Tim Stokely has detailed his company's struggles with the banking system in an interview with the Financial Times.
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