Paramount Payment Systems Review
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.
|Swipe Rate||1.00% - 4.99%+|
|Keyed-in Rate||1.00% - 4.99%+|
|Early Termination Fee||$500+|
|Contract Terms||3 Years|
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.
Paramount Payment Systems Pros & Cons
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.
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.
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
|Advertises Deceptive Rates||No|
|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|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||$500+|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||48-month (locked)|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup 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.
Paramount Payment Systems Setup & Support
Paramount Payment Systems’ website has a general phone number and email address for its Sales team but no contact information dedicated specifically to support inquiries. The company does offer Live Chat support during Eastern time zone business hours.
Paramount provides a helpful list of multiple POS equipment vendors with their price ranges and leasing options directly on its website.
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.
|BBB||A+ (2 complaints)|
|4.5 Stars / 12 reviews|
|Yelp||1 Star / 1 Review|
|Total Online Reviews||45+|
|Total Online Complaints||<10|