High-risk businesses, such as the CBD and cannabis industry.
Mobile payment apps, payment gateways for e-commerce (through Network Merchants and Authorize.net), EMV-compatible card readers for POS transactions, as well as various financing options including small business loans.
Setup Fee: $0
Monthly Fee: Undisclosed
Swipe Rate: 1.00% - 4.99%+
Keyed-in Rate: 1.00% - 4.99%+
Early Termination Fee : $500+
Paramount Payment Systems is an ISO of Fifth Third Bank, N.A. of Cincinnati, OH.
Founded in 2003 and led by CEO John Staley, the Meridian, Idaho-headquartered company serves as a "one-stop-shop" for all merchant processing needs. Paramount positioned itself as a general merchant service provider for high-risk businesses by partnering with a multitude of POS vendors, e-commerce businesses, and mobile payment processors.
Paramount Payment Systems was founded in 2003 and is headquartered in Meridian, Idaho. The company primarily serves high-risk businesses like those in the CBD and cannabis industry. Paramount has a relatively low amount of complaint- two to be exact- but has maintained an "A+" rating with the BBB over the past three years.
Paramount Payment System's key offerings are: 1) solutions for small business financing, 2) POS equipment for merchants, 3) setting up mobile payments for e-commerce business via Paramount's application, and 4) general payment processing for "high-risk" merchants. Paramount Payment Systems is able to provide this larger array of services because of its extensive partnerships with industry leaders within these domains.
The company appears to be very transparent with its relationships, but the contract for leasing equipment can be somewhat arduous for many merchants. This contract is a 4-year locked-in agreement with a high termination fee. Paramount has a 3-year deal with a 2-year auto-renewal option for payment processing, which also carries a high early termination fee.
Merchant Provider Risk Tolerance
Paramount Payment Systems offers options for business loans and leases POS equipment to merchants. These options and merchant services are all provided through Paramount's partnerships with industry leaders for those products and services.
Paramount partners with many leading POS equipment vendors such as Clover, Poynt, Hopper, and Mynt, and can therefore provide many POS terminal solutions. Merchants can either purchase the equipment or enter into a 48-month locked-in agreement administered through Lease Finance Group. Businesses should be careful when considering equipment-lease contracts because they are often times significantly more expensive than outright purchasing that POS equipment.
According to their website, Paramount Payment Systems markets itself as a trusted lender that has been brokering small business loans for over 16 years. The company has partnered with LoanHero for these financing solutions.
Merchant Account Provider
Paramount is a reseller of Vantiv merchant services, one of the country's largest merchant account providers.
Discloses All Important Terms
Public Pricing Available
Paramount Payment Systems offers 48-month POS equipment agreements through various vendors. However, the company provides an option to purchase the equipment outright from many vendors and lists the price ranges for that equipment. Our general recommendation is that merchants buy POS equipment rather than leasing it, as costs usually do not exceed $500.
Swiped and Keyed-in rates range from 1.00% – 4.99%
Early termination fee: $500
There are likely to be Gateway and Terminal charges that aren't disclosed by the company.
1.00% - 4.99%+
1.00% - 4.99%+
Mobile Payment Rate
Virtual Terminal Rate
Payment Gateway Fee
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
Paramount Payment Systems offers equipment leasing via a 4-year non-cancelable contract with a complex termination fee structure that can well exceed $500. We found at least one complaint against the company around this term.
For general merchant account services, client merchants must sign a 3-year contract with a 2-year auto-renewal clause.
Keep in mind that Paramount's costs are high, which is expected since most account providers and banks will charge higher fees when dealing with "high-risk" businesses. Furthermore, since the risk of chargebacks is generally always present, it is the industry standard to set up a cash reserve to account for that risk. The standard is emphasized even more with high-risk businesses such as CBD and the cannabis industry.
Early Termination Fee
Since 2007, Paramount Payment Systems has been accredited with the Better Business Bureau (BBB) and maintains an "A+" rating. There have been only two complaints against the company in the last 36-months.
We did not find any other customer complaints across other review platforms, which is a great sign given that the company's clients are primarily high-risk businesses.
Paramount Payment Systems has no outstanding lawsuits against the business currently.
A+ (2 complaints)
4.5 Stars / 12 reviews
1 Star / 1 Review
Total Online Reviews
Total Online Complaints
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