Paramount Payment Systems Review

Rates and Fees
65/100
Truth in Advertising
85/100
Consumer Reviews
85/100
Customer Support
65/100
3

Best for

High-risk businesses, such as the CBD and cannabis industry.

Specializes in

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.

Pricing Summary

Setup Fee: $0

Monthly Fee: Undisclosed

Swipe Rate:  1.00% - 4.99%+

Keyed-in Rate:  1.00% - 4.99%+

Early Termination Fee : $500+

Contract Terms:

3 Years
Visit Paramount Payment Systems

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 Overview

 

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.

Quick Facts

Head Quarters

Meridian, ID

Year Founded

2003

CEO

John Staley

Employees

40

Merchant Provider Risk Tolerance

What We Like

What We Don't Like

Industries Served

  • CBD & Hemp
  • Cigars & Tobacco
  • Clothing & Apparel
  • Convenience Store
  • Electronics
  • Gaming
  • Marijuana / Cannabis
  • Medical
  • Personal Service
  • Restaurant / Bar
  • SAAS
  • Thrift Store

Business Types Served

  • Ecommerce
  • Enterprise Merchant Accounts
  • High Risk
  • High Volume
  • Information
  • Mobile
  • MOTO
  • Online
  • Retail / Card Present
  • Small Business

Paramount Payment Systems Products & Services

 

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.

POS Systems 


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.

Business Loans 


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.

Paramount Payment Systems Payment Processing

  • Credit Card Processing
  • Debit Card Processing
  • Merchant Cash Advance
  • Mobile Payments App
  • Online Payments
  • Payment Gateway
  • POS Equipment
  • Shopping Cart Provided
  • Virtual Terminal

Paramount Payment Systems Billing & Invoicing

  • Mobile Payments
  • Online Invoicing
  • Online Payments
  • Payment Processing

Paramount Payment Systems Advertising & Sales

 
The company markets its services through telemarketing and independent resellers. There are no publically available complaints about Paramount Payment System's advertising and sales process. This can indicate that it's less likely Paramount Payment Systems engages in aggressive sales tactics or misrepresenting of their terms and conditions.

The company points out that it brokers business loans rather than providing lending itself and offers various POS equipment options on its website and other vendors.

Truth in Marketing

Discloses All Important Terms

No

Public Pricing Available

No

Paramount Payment Systems Pricing, Rates & Fees

 

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.

Pricing at a Glance

Pricing Model

Flat Rate

Swiped Rate

1.00% - 4.99%+

Keyed-in Rate

1.00% - 4.99%+

Mobile Payment Rate

Virtual Terminal Rate

Undisclosed

Monthly Fee

Undisclosed

Payment Gateway Fee

Undisclosed

Batch Fee

Undisclosed

Early Termination Fee

$500+

PCI Compliance Fee

Variable

Equipment Lease Terms

48-month (locked)

Address Verification Service (AVS)

Application Fee

Account Setup Fee

$0

Gateway Setup Fee

Annual Fee

Monthly Minimum

Undisclosed

Statement Fee

Paramount Payment Systems Contract & Terms

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.

Contract Length

3 Years

Early Termination Fee

$500+

Paramount Payment Systems Setup & Support

 

Setup Highlights

  • Documentation / Knowledge Base

Support Highlights

  • Domestic Phone Support (Business Hours)

Paramount Payment Systems Complaints, Ratings & Reviews

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. 

Ratings

BBB

A+ (2 complaints)

Google

4.5 Stars / 12 reviews

Facebook

N/A

Yelp

1 Star / ‎1 Review

Reviews

Total Online Reviews

45+

Total Online Complaints

<10

Lawsuits

None

NEED A MERCHANT ACCOUNT PROVIDER?

If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks

cogthumbs-up