We consider stopping problems in which a decision maker (DM) faces an unknown state of nature and decides sequentially whether to stop and take an irreversible action
pay a fee and obtain additional information
or wait without acquiring information. We discuss the value and quality of information. The former is the maximal discounted expected revenue the DM can generate. We show that among all history-dependent fee schemes, the upfront scheme (as opposed, for instance, to pay-for-use) is optimal: it generates the highest possible value of information. The effects on the optimal strategy of obtaining information from a more accurate source and of having a higher discount factor are distinct, as far as expected stopping time and its distribution are concerned. However, these factors have a similar effect in that they both enlarge the set of cases in which the optimal strategy prescribes waiting.