Paramount Payment Systems Review

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/Vantivcontracts, and it also offers merchants the option to provide customer financing through a partnership with LoanHero.

Payment Processing

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

Point of Sale Systems

Paramount Payment Systems provides point-of-sale (POS) systems that enable businesses to manage face-to-face transactions. These systems capture sales data, manage inventory, and generate reports.

Ecommerce Solutions

For online businesses, Paramount Payment Systems offers ecommerce solutions designed to securely and efficiently process online transactions, meeting the specific needs of e-commerce operations.

Mobile Payment Processing

The company also offers mobile payment processing services, allowing businesses to accept payments via mobile devices.

Merchant Services

In addition to payment processing, Paramount Payment Systems offers a range of merchant services, including check processing, gift and loyalty program management, and cash advance services.

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.

PaymentPop Rating for Paramount Payment Systems

Positive Feedback

There are no positive reviews published about Paramount Payment Systems on the PaymentPop website.

Paramount Payment Systems BBB Rating

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. Paramount Payment Systems has a 1 out of 5 star rating based on 1 user reviews on the Better Business Bureau website.

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:

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.

Google Maps Rating for Paramount Payment Systems

Paramount Payment Systems has a 4.4 out of 5 star rating based on 17 user reviews on Google Maps.

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.

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.

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.