Paramount Commerce: A game-changer in simplified payments

Small Business Canada

In the evolving landscape of e-commerce, payments are an integral part of the buying experience. Paramount Commerce has been at the forefront of innovative payment solutions that benefit businesses and consumers for the past two decades. Through its promise to simplify payments, Paramount Commerce has become Canada’s leading bank-account-based payments partner. The company’s patented technology is used by millions of consumers and has processed over $100 billion in volume. Offering one-click payments, a best-in-class experience, seamless integration, and over 20 years of industry experience, Paramount Commerce is a trusted payments partner for Canadian businesses in high-growth industries. 

The company’s top-tier client list is a testament to its continuing success, including major brands such as Western Union, theScore Bet, Draft Kings, and Bet365. 

Specialised areas of work for Paramount Commerce

  • Integrated payments: Enabling businesses to accept bank-account-based payments through their preferred payment rail. Two flagship products, INTERAC®, and Instant Bank Transfer, deliver industry-leading conversion, ubiquitous bank coverage, and one-click payments.
  • Identity verification: Connecting instantly to any bank account in Canada, consumers can verify their identity by signing into their online or mobile banking. 
  • AI risk mitigation: Using 20 years of financial data, Paramount Commerce uses AI to prevent fraudulent transactions before they happen. 
  • Advanced reporting: Providing customer-level reporting and data-rich payment history to businesses, streamlining their operations, and providing exceptional customer service.

Supporting high-growth industries

  • Remittance: Canadians often have to deal with unwanted fees, slow transaction times, and inconvenient processes when sending money internationally. To solve these issues, Paramount Commerce made the first leg of the journey to and from Canadian bank accounts instant and seamless for international remittance operators while meeting strict compliance standards. 
  • eCommerce: Consumers who often shop online are required to manually enter their banking information when they use traditional payment methods. Paramount Commerce’s bank account-based payments allow customers to transact quickly and effortlessly. With just a few clicks, customers can pay directly from their bank accounts.
  • Gaming: In the growing iGaming and sports betting industries, credit card payments are often charged cash advance fees or, even worse, face high declines. Paramount Commerce’s bank-account-based payment solutions have stable bank connections in Canada, which allow consumers to easily fund their gaming wallets or withdraw their winnings directly to/from their bank account.

Winning the hearts of businesses and consumers

Benefits to business:

  • Superior conversion: With a frictionless user experience, its solutions deliver industry-leading conversion rates, which lowers the cost per acquisition.
  • No chargebacks: With transactions that clear in real-time and are irrevocable, merchants benefit from instant, guaranteed payments, unlike credit cards.
  • 100% bank coverage: With support from over 255 financial institutions in Canada, Paramount Commerce can reach every bank account in Canada.
  • AI for Risk Management: Industry-leading risk management using AI and ML that provides key insights at the customer level in order to make risk-based decisions in real-time.

Benefits to consumers

  • Real-time payments: Consumers can pay instantly from their bank account to any business that accepts payments with Paramount Commerce.
  • Trusted brand: Paramount Commerce is a licensed provider of well-known payment solutions such as INTERAC, that has been a leading financial services brand in Canada for 35 years.
  • Upgrade from cards: Eliminates credit card declines by letting customers pay directly from their bank account.
  • One-click: The company’s one-click feature offered through Instant Bank Transfer lets repeat customers pay in just one click. 

Achieving industry firsts

  • No need for a digital wallet: In the early 2000s, e-commerce was starting to gain popularity with more people shopping online. At this time, Paramount Commerce achieved something that had never been done before. It became the first payment provider that enabled consumers to make online purchases directly from their bank account without the need for an e-wallet.
  • One-click payments: Earlier this year, Paramount Commerce became the first payments provider to launch One-Click repeat deposits for high-growth industries such as iGaming and sports betting. The new feature lets consumers make repeat deposits in just a single click. One-Click streamlines the traditional payment experience, eliminating the need for consumers to provide their bank account details each time they make a payment or deposit. It’s a game-changer for merchants, increasing consumer loyalty and improving customer conversion.
  • AI for risk management: Apart from one-click payments, Paramount Commerce is the first payment processor to use AI and machine learning to prevent and reduce fraud in high-growth industries such as online gaming and remittance. This flags potential fraudulent transactions in real time while significantly reducing false positives.

People matter the most

Paramount Commerce’s success can be attributed to its diverse workforce that brings innovative ideas and industry knowledge to solve for success together. With team members located in the U.K., Europe, and Canada the team continues to do what’s never been done before. This year, because of the team’s hard work, Paramount Commerce reached a milestone of serving over one million unique customers and counting. The company continues to attract the biggest digital commerce operators in the Canadian market by simplifying payments. Paramount Commerce was a finalist at the CanadianSME National Business Awards, 2022, which was held on May 5th, 2023, at the prestigious Metro Toronto Convention Centre. 

To learn more about their solutions and services, please visit: 

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