Paramount Payment Systems: Reviews & Complaints
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.
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.
Table of Contents
Paramount Payment Systems Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||No|
|Most Common Complaint||N/A|
Low Complaint Total
We are currently able to locate a handful of negative Paramount Payment Systems reviews, none of which accuse the company of being a ripoff or a scam. Issues cited include persistent sales calls, undisclosed contract terms, higher-than-expected rates, unclear loan terms, and difficulty canceling service. Although there is a relatively wide range of Paramount Payment Systems complaints given the company’s low overall complaint total, we see no indication that a specific policy or department is the major problem for merchants. If you have your own Paramount Payment Systems review to make, please do so in the comments below.
Paramount Payment Systems Lawsuits and Fines
In 2019, a suit was brought against Paramount for an alleged breach of the Telephone Consumer Protection Act. It appears to have been settled out of court. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Paramount Payment Systems Customer Support Options
The Paramount Payment Systems website provides general phone and email contact information but does not list a dedicated customer support number.
Paramount Payment Systems Customer Service Number
- (866) 663-0810 – Toll-Free Customer Support
Other Support Options
- Customer support form
We will award Paramount Payment Systems an “A” rating in this category, but the company’s current customer support options do not qualify it as a top-rated customer service processor.
Paramount Payment Systems Online Ratings
Here's How They Rate Online
Online Ratings Summary
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
|Monthly & Annual Fees||Yes|
|Processing Rates||1.00% - 4.99%+|
Paramount Payment Systems Contract Terms
The standard Paramount Payment Systems contract (available below) is a three-year agreement through NPC with automatic two-year renewals and a liquidated damages early termination fee that is calculated as follows:
ii. if the Merchant Application states that all Card Organization fees will be passed through to Merchant, an amount equal to (a) the average monthly fees paid by Merchant to Processor under this Agreement (excluding Card Organization interchange and assessment fees) for the three calendar months in which such revenue was the highest during the preceding twelve calendar months, or such shorter period if this Agreement has not been in effect for twelve months, multiplied by
(b) the number of months remaining in the then current term of this Agreement, on a pro rata basis, or
1) if Merchant is not a pass through merchant governed by
a. above, an amount equal to (a) the average monthly fees paid by Merchant to Processor under this Agreement for the three calendar months in which such revenue was the highest during the preceding twelve calendar months, or such shorter period if this Agreement has not been in effect for twelve months, less
(b) two percent (2%) of the average monthly sales dollar volume during the three calendar month review period, multiplied by (c) the number of months remaining in the then current term of this Agreement, on a pro rata basis.
Paramount Payment Systems complaints also mention a four-year, non-cancellable lease through Lease Finance Group.
High Risk, High Fees
Paramount Payment Systems’ focus on hard-to-place industries increases its exposure to chargebacks and regulatory hazards. To compensate for this elevated level of risk, the company and its banking partners may charge higher-than-average per-transaction fees and require the establishment of a cash reserve. This is a common practice within the payment processing industry, and businesses operating in high-risk spaces should be prepared to receive rate quotes in excess of 5%.
Some Contract Complaints
We have found some Paramount Payment Systems reviews that mention high pricing, unexpected long-term agreements, and undisclosed terms surrounding the company’s lending policies. The company’s standard contract is not at all competitive with the cheapest merchant accounts, and we would advise merchants not to sign any equipment leases through Lease Finance Group. See the Paramount Payment Systems Merchant Agreement. We also encourage clients to check out our list of the providers of the best merchant accounts.
Paramount Payment Systems Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|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.
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