Are you looking to inculcate an online payment platform into your website for easy income generation? Do you want your loyal viewers to expedite payment using online money transfer platforms like Paypal and Stripe without stress? I’m sure you may be scratching your neck thinking about the best paywall model for your site. With the right information, you can prevent losses and increase earning potential.
Firstly, you should note that the best person to advise you regarding the best paywall model to adopt is a paywall services expert. An expert evaluates, advices, and installs plugins that meet the needs of the website without causing obstructions to site operations. An expert will also be in the right position to tell you if you actually need a paywall and the right time to install one. Having said all that, in this short article I will attempt to briefly explain the options available to users highlighting risks involved in using any of them.
Low Risk – Least Profitable – FREEMIUM
Also called Freemiums, a website using a freemium paywall release some of their contents for free and charge a viewer fee called a subscription for other contents. Freemiumscarry very low risks because visitors will not be scared away when a subscription page appears on their screens. Also they are not discouraged from remaining in the site as they can access considerable amounts of contents whenever they choose to log in. In terms of profitability, Freemiums are the least profitable because of the loss of potential revenue.
Medium Risk – Moderately profitable – SOFT PAYWALLS
Soft paywalls are also called metered paywalls allows visitors to access contents for a duration of time before access is closed. This model is beneficial to content owners and viewers. Content owners are able to earn royalties for their work after a period of time while viewers can have access to contents first to get a glimpse of what that are been asked to pay for. It is a lot riskier than the Freemium model because certain visitors may shy away from paying to view contents on your website and this, in turn, may affect revenue streams from other sources. With a soft paywall you stand to earn more as revenues.
High Risk – Highly Profitable – HARD PAYWALLS
Hard paywalls only grant access to content viewing after the subscription has been paid. A website operating a hard paywall does not give visitors a grace period or the opportunity of accessing contents for a time. This subscription-based service is the riskier option of all three models but guarantees a higher income generation potential. Online viewers hate to pay for anything they feel they can obtain for free elsewhere so before you decide to go for a hard paywall model, you need to be sure that you have amassed a huge following online for your contents and among this population there has to be a significant number of repeat visitors who will be willing to pay to view your content.
Due to the potential risks and rewards, you need to think deeply before going for any of the above listed options but whichever you choose to use, be rest assured that your income potential will improve tremendously.