As a payment processing company, we need to know where to send your revenues and conform with banking regulations.
There are two reasons why we need your banking info: First, we want to pay you what you earn using LaterPay! We need your banking info (specifically the routing number and account number of the bank account you are using) in order to direct deposit your earnings each week.
Second, like all financial institutions, we abide by the federal laws and regulations that collectively are known as Know your Customer. These regulations are in place to thwart money laundering.