Paramount Payment Systems serves to be the ISO of Fifth Third Bank in Ohio. The company was founded in 2003 and currently, John Staley is the operating CEO. It has its headquarters in Meridian, Idaho and they state that they are committed to serving as the one-stop destination for all requirements of merchant processing. Our team did an in-depth analysis and Paramount Payment Systems review for merchants.
Since its inception, Paramount Payment Systems has garnered the respect of being one of the general merchant service providers for high-risk merchants. This is made possible as Paramount Payment Systems has partnered with a series of e-commerce businesses, mobile-based payment processors, and POS vendors.
Overview of Paramount Payment Systems
Paramount Payment Systems is primarily known to serve high-risk merchants -like the ones offering services in the cannabis and CBD industries. Paramount Payment Systems currently features a low ratio for the total number of complaints regarding its products and services. At the same time, the company has managed to maintain an overall A+ rating on the BBB for the period of the last three years.
Some of the core services offered by Paramount Payment Systems are setting up mobile-based payments for e-commerce businesses, small business financing solutions, POS equipment for the respective merchants, generalized payment processing for high-risk merchants, and so more. Paramount Payment Systems is capable of offering this wide range of specialized services due to its extensive partnerships with industry leaders within the respective domains.
The company also remains significantly transparent with its overall relationships with partners and clients. However, the contract for leasing its equipment can be overwhelming for merchants. The contract serves to be a 4-year locked-in contract featuring a high termination fee. Paramount Payment Systems comes forth with an agreement of 3 years with a two-year auto-renewal solution for payment processing. This package is also available with a high termination fee.
Paramount Payment Systems Review Based on Products and Services
Paramount Payment Systems provides an array of options for business loans while leasing POS equipment to the merchants. These merchant services and options are all offered through partnerships of Paramount Payment Systems with industry leaders for the respective products and services.
- POS Systems: Paramount Payment Systems is known to partner with several leading vendors of POS equipment -including Poynt, Hopper, Clover, and Mynt. Therefore, Paramount Payment Systems is capable of offering access to a comprehensive range of POS terminal solutions. Merchants can move forward with either purchasing the equipment or entering into the 2-year locked-in agreement that is administered with the help of the Lease Finance Group.
Small businesses should be cautious when they are considering equipment-based lease contracts. It is because they tend to be expensive most times in comparison to buying POS equipment directly.
- Merchant Account provider: Paramount Payment Systems serves to be a reseller of Vantiv and its merchant services. Vantiv is known to be one of the larger merchant account providers in the country.
- Business Loans: As per the details on the official website, Paramount Payment Systems is presented as a trusted lender. The company has been brokering small business loans for more than a decade. The company also maintains its partnership with LoanHero to offer access to advanced financing solutions.
Paramount Payment Systems Review Based on Complaints
Currently, there is evidence of only some negative comments or complaints regarding the services offered by Paramount Payment Systems. However, none of the complaints accuse the company of being a rip-off or a scam. Some of the common issues of merchants in association with Paramount Payment Systems are difficulty in canceling services, unspecified loan terms, higher-than-expected pricing, undisclosed contract terms, and constant sales calls.
While there happens to be a larger range of complaints regarding Paramount Payment Systems due to the low complaint level in total, there is no indication that a particular policy or department might be creating problems for the merchants.
Paramount Payment Systems Review Based on Fines and Lawsuits
Recently, in 2019, a lawsuit against Paramount Payment Systems was brought up, claiming an alleged breach of the Telephone Consumer Protection Act. However, the lawsuit is presumably settled out of court. Dissatisfied merchants who look forward to pursuing a non-litigious course of action against Paramount Payment Systems can think of reaching out to a reliable supervisory organization.
Paramount Payment Systems Review Based on Customer Services
The official website of Paramount Payment Systems offers access to general email and phone contact information. However, it does not list a dedicated customer support number. Paramount Payment Systems also offers access to customer support services through a dedicated customer support form on the website.
Paramount Payment Systems Review Based on BBB
With Better Business Bureau, Paramount Payment Systems features an impressive A+ rating. The company has been accredited with BBB since 2007. Currently, the company has received two complaints. One of the complaints was related to billing, and the other was related to sales or advertising issues. The company has also managed to respond successfully to both complaints but has resolved none.
Paramount Payment Systems Review Based on Pricing
The standard contract by Paramount Payment Systems is available as an agreement of 3 years. It is made available through NPC with automatic renewals every two years. There is also the presence of an early termination fee for liquidated damages. Complaints regarding Paramount Payment Systems also specify the presence of a non-cancelable lease of 4 years through Lease Finance Group.
The overall focus of Paramount Payment Systems on high-risk industries tends to increase the overall exposure to regulatory hazards and chargebacks. To ensure compensation for the high level of risk, the company, along with its banking partners, might consider charging a higher-than-average fee for every transaction while requiring the establishment of a dedicated cash reserve.
It is regarded as quite a common practice within the payment processing industry. Merchants who operate in high-risk spaces should be willing to receive quotes exceeding the value of 5 percent.
Contract-specific Complaints of Paramount Payment Systems
There are some reviews regarding Paramount Payment Systems that specify problems like high pricing, undisclosed terms, and unexpected loan agreements that surround the lending policies of the company. The standard contract of the company is not at all competitive with respect to cost-effective merchant account providers. Therefore, it is recommended that merchants should not sign any type of equipment lease via Lease Finance Group.
Paramount Payment Systems Review Based on Advertising and Sales Strategy
Paramount Payment Systems is known to depend on a combination of telemarketing and independent resellers to advertise its services. Currently, there is a lack of evidence that indicates that the company has employed a large team of independent sales agents. Still, there are some reviews regarding Paramount Payment Systems that state problems related to undisclosed contract terms, high-pressure marketing tactics, and higher-than-expected fees.
Absence of Misleading Quotes
In our expert-level Paramount Payment Systems review, we found that it is not known to engage in any form of deceptive sales & marketing strategy. If you feel that you are being charged any type of undisclosed fee by Paramount Payment Systems, it is recommended to seek help from some reliable third party to audit your statement to eliminate hidden fees or charges.
Conclusion
As per all available information, Paramount Payment Systems has been rated as a better-than-average merchant account and service provider. The contract terms of the company are not specifically competitive. However, the total complaint ratio tends to be lower than the overall expectations.
