Paramount Payment Systems Review

Paramount Payment Systems, founded in 2003 and based in Meridian, Idaho, has expanded to be a major participant in the payment processing field. Operating as an Independent Sales Organization (ISO) for Fifth Third Bank, the company specializes in offering complete payment services designed for high-risk sectors, including CBD and cannabis businesses. Paramount Payment Systems has earned a reputation for being a dependable ally for companies that struggle to obtain standard payment processing due to their high-risk nature. Lets read more about Paramount Payment Systems Review.

In the fast-changing world of business, handling payments well is very important for a company’s success. More people are using digital ways to pay, so companies need strong, safe, and adaptable ways to handle these payments. Paramount Payment Systems helps with this by providing many services, like handling credit and debit cards, mobile payments, online shopping, and systems for taking payments in stores. They are special because they can work with businesses that have higher risks, which many other companies avoid because of the risks involved.

Paramount Payment Systems’ market position is further solidified by its partnerships with various industry leaders, allowing the company to provide tailored solutions that meet the specific needs of different business types. Even though it caters to a specific market, Paramount Payment Systems has upheld a solid image, as demonstrated by its “A+” rating from the Better Business Bureau (BBB). This evaluation shows how dedicated the company is to making customers happy and following ethical practices, but it is important to mention that there is some criticism about the company’s contract terms and customer service.

Company Background | Paramount Payment Systems Review

Paramount Payment Systems, established in 2003, has steadily positioned itself as a reputable provider in the payment processing industry. Headquartered in Meridian, Idaho, the company was founded with the goal of addressing the needs of businesses that operate in high-risk sectors. Over the years, Paramount has developed a strong market presence, particularly within industries like CBD, cannabis, and other high-risk markets, where traditional payment processors are often reluctant to venture.

The growth of the company is based on its capacity to adjust to the specific obstacles encountered by high-risk industries. Paramount Payment Systems started by providing fundamental merchant services and then broadened their options to encompass a complete range of payment solutions. This consists of mobile payment processing, incorporation of e-commerce, and point-of-sale (POS) platforms. The company’s collaborations with top industry suppliers, like Vantiv and different POS providers, have been crucial in broadening its range of services and accessing a wider market.

Paramount Payment Systems’ mission centers on providing secure, reliable, and innovative payment solutions that empower businesses, particularly those in high-risk industries, to thrive. The company envisions itself as a one-stop-shop for all payment processing needs, with a commitment to customer service and transparency at its core. Paramount’s fundamental principles consist of integrity, innovation, and a focus on customer satisfaction, leading its operations and business methods. Its dedication to upholding high standards of service and ethical business conduct is demonstrated by its “A+” rating from the Better Business Bureau (BBB).

Services Offered

Paramount Payment Systems offers a comprehensive range of payment processing services designed to meet the diverse needs of businesses, particularly those in high-risk industries. These services are tailored to provide secure, efficient, and scalable payment solutions that can accommodate various business models, whether it’s in-person, online, or mobile transactions.

In-Person Payment Solutions

One of the primary services offered by Paramount is in-person payment solutions, which include credit and debit card processing. The company provides EMV-compatible card readers and POS terminals that ensure secure and seamless transactions. These in-person solutions are designed to cater to a variety of retail environments, from small businesses to larger enterprises.

E-Commerce Payment Solutions

Paramount provides e-commerce payment solutions for businesses that are working on the internet. These services are essential for businesses requiring payment processing on their websites or online platforms. Paramount partners with top payment gateways, enabling merchants to securely receive payments and offer customers a seamless checkout process. This is extremely important in high-risk sectors where safe and dependable payment processing is essential.

Mobile Payment Processing

Mobile payment processing is another key service provided by Paramount. With the increasing prevalence of mobile transactions, Paramount’s solutions enable businesses to accept payments via mobile devices. This service is particularly beneficial for businesses that operate in non-traditional retail environments, such as pop-up shops or service providers who need to process payments on the go.

Point-of-Sale (POS) Systems

Paramount also focuses on POS systems, teaming up with top vendors to provide a range of POS solutions. These systems can be tailored to suit the unique requirements of various business types, offering strong capabilities like inventory control, sales analysis, and customer relationship management (CRM).

ACH and eCheck Processing

In addition to these, Paramount offers ACH and eCheck processing, allowing businesses to accept electronic checks and direct bank transfers. This is particularly useful for businesses that need to process large transactions or recurring payments.

Payment Gateway Integration and Customization

Ultimately, Paramount offers services for integrating and customizing payment gateways, allowing businesses to easily incorporate their payment systems into their current infrastructure. This personalization allows companies to customize their payment processing solutions to suit their individual requirements, improving efficiency and security in all transactions.

Technology and Innovation

Paramount Payment Systems has positioned itself as a forward-thinking provider in the payment processing industry by leveraging advanced technology and continuous innovation. The company’s commitment to adopting and implementing cutting-edge technology has been instrumental in delivering secure, efficient, and reliable payment solutions to its clients, particularly those in high-risk sectors.

Technology Stack

The technology stack utilized by Paramount Payment Systems is designed to support a wide array of payment processing needs. This stack includes robust payment gateways that facilitate seamless transactions across multiple platforms, whether in-person, online, or via mobile devices. The integration of advanced POS systems and mobile payment solutions ensures that businesses can operate smoothly and securely, no matter the transaction type.

Security Features and Compliance

Paramount Payment Systems’ technology strategy is firmly built on security. The company follows the strictest industry guidelines, such as PCI DSS compliance, to safeguard sensitive customer data. Paramount utilizes sophisticated encryption methods and tokenization strategies to secure data during transactions, decreasing the chances of fraud and guaranteeing protection for both merchants and customers. The security protocols of the company are frequently revised to anticipate new threats, comply with regulations, and keep the trust of clients.

Proprietary Software and Technological Advancements

In addition to using industry-standard technologies, Paramount Payment Systems has also developed proprietary software to enhance the functionality and usability of its payment solutions. This software is designed to integrate seamlessly with existing business systems, providing merchants with greater control over their payment processing operations. The company’s proprietary tools also enable more customized solutions, catering specifically to the needs of high-risk industries.

Innovation in Mobile and Contactless Payments

Paramount Payment Systems is at the forefront of innovation in mobile and contactless payments, recognizing the growing demand for these technologies in today’s marketplace. The company offers solutions that allow businesses to accept payments via mobile devices and contactless methods, such as NFC (Near Field Communication). These advancements offer not just ease for clients, but also assist companies in staying competitive in a digital world that is rapidly evolving. Paramount Payment Systems ensures it can satisfy its clients’ evolving needs by constantly improving its technology offerings.

Pricing and Fees

Paramount Payment Systems offers a pricing structure that reflects the complexities of serving high-risk industries, though transparency in its fee structure has been a point of contention. The company operates on a flat-rate pricing model, with swipe and keyed-in rates typically ranging between 1.00% and 4.99%. However, the exact fees can vary widely depending on the specific nature of the business and its perceived risk level.

Transparent Overview of the Pricing Structure

While Paramount Payment Systems advertises competitive rates, the lack of publicly disclosed pricing details makes it challenging for potential clients to assess the true cost of services upfront. The company does not typically disclose fees such as the monthly minimums, payment gateway fees, or batch processing fees on its website. This lack of transparency requires businesses to directly engage with sales representatives to get a comprehensive breakdown of costs, which can lead to variations in pricing based on negotiation outcomes.

Analysis of Contract Terms

Paramount Payment Systems’ agreements are known for being inflexible, especially in terms of fees for ending early and lengthy obligations. The usual agreement usually lasts for three years, with a built-in provision for a two-year extension. Early termination fees can be substantial, frequently surpassing $500, posing a significant challenge for businesses looking to end their contract prematurely. Furthermore, businesses can be tied into four-year contracts with steep penalties for terminating early through the company’s equipment lease agreements. This design has received criticism for constraining businesses’ flexibility in response to changing needs or financial limitations.

Comparison with Industry Standards

When compared to industry standards, Paramount Payment Systems’ fees are on the higher end, particularly for high-risk merchants. The substantial early termination fees and the presence of potentially undisclosed costs make their pricing less competitive, especially for small businesses. However, the company’s focus on high-risk sectors may justify these higher fees, as businesses in these categories often face more challenges in securing payment processing services.

Optional Value-Added Services and Associated Costs

In addition to standard payment processing, Paramount offers various optional services such as POS equipment leasing, small business financing, and payment gateway integration. These value-added services come with additional costs, which are not always transparently disclosed upfront. Businesses interested in these services should carefully review the terms to understand the full financial commitment involved. While these services can enhance operational efficiency, the associated fees can add up, making it essential for businesses to evaluate whether the benefits outweigh the costs.

Customer Support

Paramount Payment Systems provides various channels for merchants to access support, which is essential for any payment processing service. Nevertheless, users have given varied reviews on the quality and timeliness of this support, highlighting a necessity for uniformity in providing service.

Availability and Responsiveness of Customer Support

Paramount Payment Systems provides customer support primarily through phone and email. While these channels are standard in the industry, the availability of support during business hours only can be a limitation for merchants who operate outside of these hours or need immediate assistance during critical times. The responsiveness of the support team varies, with some users reporting quick and helpful responses, while others express frustration over delayed or insufficient support.

Support Channels: Phone, Email, Live Chat

The company offers customer support via phone and email, with no mention of live chat support on their official platforms. The lack of a live chat option can be seen as a drawback, especially in an era where instant communication is often expected by customers. Phone support is available during regular business hours, but there is no information about extended or 24/7 support, which might be a concern for businesses requiring round-the-clock service.

Quality of Technical Support and Troubleshooting

Some users have stated that the technical support offered by Paramount Payment Systems is sufficient, with reports of the support team being skilled and able to solve problems efficiently. Nevertheless, there are also instances of unreliable service, with technical issues taking longer than anticipated to be addressed, or where support personnel lacked knowledge of complicated issues. The fluctuation in service quality emphasizes the need for a strong support system, particularly for high-risk merchants facing specific obstacles.

Training Resources and Knowledge Base

Paramount Payment Systems does not prominently advertise a comprehensive knowledge base or extensive training resources on their website. The absence of these resources can be a limitation for merchants who prefer to troubleshoot issues independently or learn more about optimizing their payment systems. Businesses that rely heavily on these tools might find the lack of accessible resources a gap in the service offering.

User Experiences and Feedback

Opinions vary among users regarding Paramount Payment Systems’ customer support. Some customers like the personalized service and share positive interactions, but others are unhappy with the support they receive. Frequent complaints revolve around delays in response and the support team’s failure to communicate proactively. The diverse encounters indicate that Paramount Payment Systems can provide efficient assistance, but there is potential for enhancing consistent service quality in every customer interaction.

User Experience and Usability

Paramount Payment Systems places a strong emphasis on creating a user-friendly experience for both merchants and their customers. The ease of use and overall usability of their systems are critical factors that have contributed to the company’s appeal, particularly among small to medium-sized businesses operating in high-risk sectors.

Ease of Use for Merchants and Customers

Merchants using Paramount Payment Systems generally find the platform straightforward and easy to navigate. The payment processing tools are designed to minimize the complexity often associated with handling transactions in high-risk industries. For customers, the experience is smooth, with fast transaction times and clear payment options, which enhances customer satisfaction and encourages repeat business.

Interface Design and User-Friendliness

The design of Paramount Payment Systems’ interface is user-friendly, allowing even non-tech-savvy individuals to easily use it. The focus is on simplicity in the design, making it simple to locate and utilize key features. This customer-focused strategy decreases the time needed for new users to learn and enables companies to easily incorporate the system into their processes. The dashboard is tidy and well-arranged, offering merchants important information at a quick glance, including transaction history, sales reports, and customer data.

Onboarding Process for New Clients

The onboarding process with Paramount Payment Systems is designed to be as seamless as possible. New clients are guided through the setup process, which includes account creation, system configuration, and training on how to use the tools effectively. This process is supported by customer service representatives who are available to assist with any questions or issues that may arise during setup. The streamlined onboarding process helps businesses get up and running quickly, minimizing downtime and allowing them to start processing payments without unnecessary delays.

Integration with Other Business Systems

One of the strengths of Paramount Payment Systems is its ability to integrate with other business systems, such as accounting software and Customer Relationship Management (CRM) tools. This integration capability allows businesses to synchronize their payment data with other critical business functions, enhancing overall efficiency and accuracy. For instance, transactions processed through Paramount can be automatically recorded in accounting software, reducing the risk of errors and saving time on manual data entry. The seamless integration with CRM systems also helps businesses manage customer interactions more effectively, providing a more holistic view of their operations.

Compliance and Security

Paramount Payment Systems places a high importance on compliance and security in their payment processing services. Due to the high-risk industries it caters to, it is essential to prioritize the security of sensitive information and compliance with regulations to uphold trust and ensure the safety of merchants and customers.

Adherence to Regulatory Requirements and Data Protection Laws

Paramount Payment Systems is committed to adhering to industry regulations and data protection laws, including the Payment Card Industry Data Security Standard (PCI DSS). PCI DSS compliance is essential for any payment processor, as it ensures that all cardholder data is handled in a secure environment, reducing the risk of data breaches and fraud. Paramount regularly audits its systems to maintain compliance with these stringent standards, ensuring that its operations meet the necessary legal and regulatory requirements.

Fraud Prevention Measures

Fraud prevention is a key focus for Paramount Payment Systems, particularly given the high-risk nature of many of its clients. The company employs advanced fraud detection tools and techniques to monitor transactions in real-time. These measures include the use of encryption, tokenization, and other security protocols to protect sensitive data during transmission. Additionally, Paramount utilizes machine learning algorithms to detect and flag potentially fraudulent activity, allowing for swift intervention before any damage can occur. This proactive approach helps minimize the risk of fraud, providing peace of mind for merchants and their customers.

Regular Updates and Security Audits

In order to remain ahead of changing security risks, Paramount Payment Systems carries out routine updates and security audits. The purpose of these audits is to discover and fix any possible weaknesses in the system, guaranteeing that the platform stays safe from new and developing dangers. Paramount shows its dedication to ensuring a safe payment environment by constantly improving security protocols and updating systems.

How Paramount Payment Systems Ensures Transaction Safety for Its Clients

Paramount Payment Systems employs a multi-layered approach to ensure the safety of transactions. This includes end-to-end encryption, which protects data from the point of entry to its final destination, and tokenization, which replaces sensitive card information with unique tokens that cannot be traced back to the original data. Regular training is provided to staff on the latest security practices, along with the use of strong authentication methods to verify user identities, enhancing the existing security measures. Collectively, these initiatives contribute to establishing a safe transactional atmosphere, protecting the needs of both sellers and buyers.

Pros and Cons

Strengths of Paramount Payment Systems:

Specialization in High-Risk Industries: Paramount Payment Systems is particularly strong in serving high-risk sectors such as CBD and cannabis. This focus sets it apart from many competitors who shy away from these markets, making it a reliable option for businesses in these niches.

Comprehensive Service Offering: The company offers various services such as face-to-face payment processing, online commerce solutions, mobile payments, and POS systems. This flexibility enables companies to manage all their payment processing requirements in a centralized location.

Strong Security Measures: Paramount employs robust security protocols, including PCI DSS compliance, encryption, and tokenization, ensuring that transactions are secure and customer data is protected.

Customized Solutions: Paramount provides custom solutions designed to meet the unique requirements of high-risk merchants, giving them the necessary flexibility and support to successfully navigate difficult conditions.

Unique Selling Points (USPs):

Expertise in High-Risk Processing: Paramount’s deep understanding and experience in managing payment processing for high-risk industries is a significant USP, making it an appealing choice for businesses in these sectors.

Integration Capabilities: The company’s ability to seamlessly integrate its services with other business systems, such as accounting software and CRMs, adds value by streamlining operations and improving efficiency.

Areas for Improvement and Potential Drawbacks:

Lack of Pricing Transparency: One of the major drawbacks is the lack of publicly disclosed pricing information. Potential clients must contact sales representatives to get detailed pricing, which can lead to variability and uncertainty in costs.

Rigid Contract Terms: Paramount’s contract terms, such as the extended commitments and hefty early termination penalties, may pose a significant drawback for companies seeking greater flexibility.

Mixed Customer Support Feedback: While a few customers have had good experiences, others have noted problems with slow response times and inconsistent support quality, suggesting a need for better customer service.

Limited Training Resources: Not having a complete knowledge base and training materials might put businesses at a disadvantage if they like to solve problems on their own or want to fully utilize their payment systems.

Conclusion

Paramount Payment Systems provides strong payment solutions designed for high-risk industries, focusing on security, service variety, and customization. Nevertheless, some users may be discouraged by obstacles such as limited pricing visibility and inflexible contract terms. It is most suitable for companies looking for specific processing but necessitates careful examination of contract specifics prior to making a commitment.

FAQs

What is the pricing structure for Paramount Payment Systems, and are there any hidden fees?

 Paramount Payment Systems operates on a flat-rate pricing model, with rates varying based on the business type. However, the lack of publicly disclosed fees, such as monthly minimums or gateway fees, raises concerns about hidden costs. Businesses should inquire directly to get a clear picture of potential fees.

How does Paramount Payment Systems ensure the security of transactions? 

Paramount uses strict security measures such as PCI DSS compliance, encryption, and tokenization to safeguard confidential information. Routine security inspections and upgrades improve transaction security, protecting merchants and customers from fraudulent activities.

What types of businesses are best suited for Paramount Payment Systems? 

Paramount Payment Systems is well-suited for high-risk industries like CBD, cannabis, and e-commerce that struggle with obtaining traditional payment services. The company provides custom solutions that effectively support the specific needs of these industries with specialized services.