Paramount Payment Systems Reviews & Complaints

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4.3
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Pros & Cons
Pros: Cons:
Small Business Loans: Provides options for small business financing. High Processing Rates: Charges processing rates between 1.00% - 4.99%+.
No Setup Fee: They don't charge an initial setup fee. Early Termination Fee: Charges over $500 for early contract termination.
High-Risk Expertise: Specializes in high-risk businesses, including CBD and cannabis. Long Contract Terms: Includes a 3-year contract with a 2-year auto-renewal.
POS Equipment: Offers point of sale equipment for lease or purchase. Equipment Lease Terms: 48-month locked contract for equipment leasing.
A+ BBB Rating: Maintains an "A+" rating with the Better Business Bureau. Variable PCI Compliance Fee: Charges a variable fee for PCI compliance.
Overcharges Reported

Getting the lowest costs with Paramount Payment Systems?
Probably not.
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Overview

In this review of Paramount Payment Systems, we will provide a detailed overview of the company's credit card processing services. We will cover the range of services they offer, including point-of-sale (POS) systems, mobile payment solutions, and e-commerce capabilities. The review will identify the types of businesses that might benefit from these services. Additionally, we will examine client and customer reviews to highlight common trends and potential concerns. The article will also address the company's pricing structure, contract terms, and specific features provided. By the end of this review, you will understand whether Paramount Payment Systems meets your payment processing needs.

About Paramount Payment Systems

Founded in 2003, Paramount Payment Systems is a merchant account provider that serves most business types, including cannabis and CBD businesses. The company is a reseller of NPC/Vantiv contracts, and it also offers merchants the option to provide customer financing through a partnership with LoanHero.

Paramount Payment Systems Payment Processing

Paramount Payment Systems processes all major debit and credit cards for most business types. Their services include POS systems, cash discounts, mobile processing, and e-commerce solutions.

Paramount Payment Systems' Point of Sale Systems

This company provides point-of-sale (POS) systems, enabling businesses to conduct face-to-face transactions with customers. These POS systems can capture sales data, manage inventory, and generate reports, providing a comprehensive overview of a business's sales.

Ecommerce Solutions from Paramount Payment Systems

For businesses with an online presence, Paramount Payment Systems offers ecommerce solutions. Their platform is designed to facilitate online transactions securely and efficiently, catering to the unique requirements of e-commerce businesses.

Mobile Payment Processing by Paramount Payment Systems

Paramount Payment Systems also provides a mobile payment processing service. This service allows businesses to process payments via mobile devices, adding flexibility to their operations and facilitating transactions in various locations.

Merchant Services Provided by Paramount Payment Systems

In addition to its primary payment processing services, Paramount Payment Systems offers a range of additional merchant services. These services can include check processing, gift and loyalty program management, and cash advance services. These additional offerings aim to provide a comprehensive suite of services that extend beyond standard credit card processing.

Overcharges Reported

Getting the lowest costs with Paramount Payment Systems?
Probably not.
>>> See what we are finding <<<

Paramount Payment Systems Customer Reviews

Here's What Their Clients Say

Customer Reviews Summary
Total Online Complaints <10
Live Customer Support No
Most Common Complaint N/A
Recent Lawsuits Yes

Exploring Paramount Payment Systems Reviews

A review of Paramount Payment Systems reviews uncovers only a few negative comments. These do not categorize the company as a scam or ripoff, but they do highlight issues like persistent sales calls, non-disclosed contract terms, unexpected high rates, unclear loan conditions, and difficulties in service cancellation. Despite a range of issues, there’s no evident pattern suggesting a systemic problem within a particular department or policy. We invite individuals with personal experiences with Paramount Payment Systems to share their insights in the comments below.

Legal Inquiries Involving Paramount Payment Systems

In 2019, Paramount Payment Systems faced a lawsuit related to an alleged violation of the Telephone Consumer Protection Act, which seems to have been settled out of court. For those seeking non-litigious dispute resolution, reporting to relevant supervisory organizations is advised.

Assessing Paramount Payment Systems Customer Support

While Paramount Payment Systems provides general phone and email support, the absence of a dedicated customer service number might affect the efficiency and effectiveness of their customer support.

Contact Information for Paramount Payment Systems

  • (866) 663-0810 – Toll-Free Customer Support
  • Customer support form

Paramount Payment Systems receives an “A” rating for its attempt at customer support. However, to be recognized as a leading customer service processor, the company could benefit from expanding and clarifying its support options.

Overcharges Reported

Getting the lowest costs with Paramount Payment Systems?
Probably not.
>>> See what we are finding <<<

Paramount Payment Systems Online Ratings

Here's How They Rate Online

Online Ratings Summary
BBB Reports 0

Under 10 Complaints

Paramount Payment Systems has an “A+” rating with the Better Business Bureau and has been BBB accredited since 2007. The company has no current complaints.

What Merchants Say

Paramount Payment Systems has acquired no informal reviews on its BBB profile in the last 3 years. It did have one at the time of a previous review, which is positive in tone. The most recent review detailed a positive customer service experience:

We have used Paramount Systems for our credit card machines. They have been always worked hard for us, fixing any issues that have come up with our machines and service. They are all very pleasant and willing to help. The system we have now works great and it is thanks to them.

An “A” Performance

Given the company’s low complaint total, we agree with the BBB’s rating at this time. Business owners should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

Paramount Payment Systems Fees, Rates & Costs

A Closer Look at The Contract

Cost & Fees Summary
Cancellation Penalties Yes
Monthly & Annual Fees Yes
Processing Rates 1.00% - 4.99%+
Equipment Leasing Yes

Paramount Payment Systems Contract Terms

The standard contract with Paramount Payment Systems, affiliated with NPC, extends over three years with automatic renewals for two additional years. The early termination fee is based on liquidated damages, calculated either by the average monthly fees (excluding interchange and assessment fees) for the highest revenue three months in the last year, multiplied by the remaining months in the term, or, for non-pass-through merchants, a similar calculation minus 2% of average monthly sales volume. This can result in substantial termination costs depending on the contract’s remaining length.

Additionally, there are reports of a four-year, non-cancellable equipment lease through Lease Finance Group, adding another layer of commitment for merchants.

High Risk, High Fees

Specializing in serving high-risk industries, Paramount Payment Systems may implement higher per-transaction fees and establish cash reserves to mitigate the risk of chargebacks and regulatory issues. While this approach aligns with industry standards for high-risk accounts, businesses in these sectors should anticipate rates potentially exceeding 5%.

Some Contract Complaints

Feedback from some merchants points to concerns over high fees, unanticipated long-term commitments, and lack of transparency in lending terms. These factors contribute to the perception that Paramount Payment Systems’ contracts may not offer the most favorable terms compared to other market options, especially concerning equipment leases via Lease Finance Group. Merchants considering Paramount Payment Systems are advised to review all contractual details thoroughly to avoid unforeseen obligations.

For merchants seeking more competitive terms and transparency, we recommend exploring our selection of the best merchant account providers.

Overcharges Reported

Getting the lowest costs with Paramount Payment Systems?
Probably not.
>>> See what we are finding <<<

Paramount Payment Systems Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
Uses Independent Resellers Yes
Telemarketing Yes
Misleading Marketing No
Discloses All Important Terms No

Inside/Outside Sales Team

Paramount Payment Systems appears to rely on a combination of independent resellers and telemarketing to market its services. There is no evidence at this time indicating that the company employs a large team of independent sales agents, but we have located a few Paramount Payment Systems reviews that report high-pressure sales tactics, undisclosed contract terms, and higher-than-expected fees. This does not compare favorably to our list of best credit card processors. These incidents appear to be scattered across different agents and products, which means that businesses should be sure to work with an agent they trust.

No Misleading Quotes

Paramount Payment Systems does not appear to engage in any deceptive advertising strategies in its official materials. If you suspect that you are being charged undisclosed Paramount Payment Systems fees, we recommend seeking a third-party statement audit to eliminate hidden charges.

Overcharges Reported

Getting the lowest costs with Paramount Payment Systems?
Probably not.
>>> See what we are finding <<<

Our Paramount Payment Systems Review Summary

Our Final Thoughts

Paramount Payment Systems rates as a better-than-average credit card processing provider. While the company’s contract terms are not particularly competitive, they are relatively straightforward and transparent. Paramount Payment Systems has managed to maintain a lower complaint total than expected for its size and industry, which is a positive indicator of its customer service and operational practices.

Despite these positives, business owners are strongly advised to thoroughly examine the terms of any contract they are offered by Paramount Payment Systems. This due diligence is crucial, as understanding the nuances of contract terms can help prevent unexpected fees or unfavorable conditions. Additionally, comparing the company’s pricing and contract terms with those of top-rated merchant account providers can ensure that business owners are getting the best possible deal. By taking these steps, merchants can make more informed decisions and potentially secure better terms and rates, thereby optimizing their payment processing solutions.

Location & Ownership

Paramount Payment Systems is headquartered at 841 E. Fairview Ave #101 Meridian, Idaho 83642, and does not list its acquiring bank. John Staley is the CEO of Paramount Payment Systems while Christian Staley is listed as owner. A Jared McDaniel is also listed as the principal for the company.

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Overcharges Reported

Getting the lowest costs with Paramount Payment Systems?
Probably not.
>>> See what we are finding <<<

Testimonials & Complaints

How Did Paramount Payment Systems Treat You?

Overcharges Reported

Getting the lowest costs with Paramount Payment Systems?
Probably not.
>>> See what we are finding <<<

1 User Reviews

  • Brenda Wilson

    I subscribed to CBS All Access which later became Paramount + for $5.99 monthly. Included was live stream of local channel. When I changed the payment information last Friday. Ad said save 16% by paying yearly. I chose this option. On the following Monday I discovered that I couldn’t get my local CBS channel. When I called customer service, I found that the paying yearly plan was really a scam to change my plan. So, now the plan I had for $5.99 is no longer available and By paying yearly I am on the $4.99 plan which does not include live stream of loc channel. No problem, I ca pay $9.99 a month for the plan I had which included local channel. Tal about bait & switch. This is definitely fraud. I contacted Paramount on second business day after falling for payment option ploy, but still no option to correct. Clearly, ethics is not in Paramount + vocabulary.

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Overcharges Reported

Getting the lowest costs with Paramount Payment Systems?
Probably not.
>>> See what we are finding <<<