Below is our recent interview with Kristi Lewis, VP at Paramount Commerce:
Q: Could you provide our readers with a brief introduction to your company?
A: Paramount Commerce is a payments technology company on a mission to simplify payments. We are proud to be the leading provider of bank account-based payments in Canada.
We specialize in rapidly growing markets, where our proprietary technology is used by over a million customers and has processed over $100 billion in volume. We are well known for our innovations in alternative payments, best-in-class user experiences, and seamless integration. Coming up on 20 years in the industry, Paramount Commerce creates raving fans of both merchants and consumers.
Q: Any highlights on your recent announcement?
A: Recently, Paramount Commerce celebrated a significant milestone of serving one million unique customers through its payment solutions. This breakthrough comes at a time when Paramount’s solutions are solving the challenges of traditional payment methods, such as credit cards, in hyper-growth industries like gaming, international remittance, and digital commerce.
This achievement shows the demand for alternative payments. At the end of the day, it’s all about consumer choice. Merchants that offer consumers the ability to pay how they want to pay will continue to win—both acquiring new customers and earning loyalty from existing customers.
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Q: Can you give us more insights into your offering?
A: Paramount Commerce offers two flagship solutions that cover the major payment rails in Canada. We make it easy for merchants to accept payments directly from a consumer’s bank account. Supported by state-of-the-art risk management, payments processed by Paramount Commerce are fast, simple, and secure
Our solutions have gained popularity amongst consumers because of their seamless experience and innovative features. Solving real challenges associated with credit cards, such as low acceptance rates, chargebacks, and unwanted fees, Paramount Commerce continues to support the changing needs of businesses to provide simple and intuitive payments.
Q: What can we expect from your company in the next 6 months? What are your plans?
A: Paramount Commerce is excited to announce yet another first–we will be leveraging the power of AI and machine learning to enhance our risk management capabilities. Machine learning uses vast amounts of data to identify complex patterns and make predictions in real-time. This industry-leading technology is highly effective at fraud identification and mitigation and provides numerous benefits for merchants. Boasting better retention and improved acquisition while reducing both cost and risk, machine learning offers only upside.
As a part of our mission we are always looking for ways to simplify payments for our merchants and users. We recently announced our One-Click payments feature. By reducing the number of clicks required to complete a transaction, we make it easy for users to complete subsequent payments quickly in a single click. We are also developing a Cross-Merchant One-Click capability feature that will enable repeat customers to make purchases with a single click on any merchant’s website, even if they have never shopped at that store before. Our goal is to remove friction from the checkout experience, which can help with conversion and make it more likely that users will want to use our payment method again.
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Q: What is the best thing about your company that people might not know about?
A: With almost two decades of experience processing payments in Canada, Paramount Commerce has a rich history of innovative firsts. In the early 2000s, we achieved something that had never been done before. We launched the first product for consumers to make online purchases directly from their bank account without the need to fund an e-wallet–which was a game-changing innovation at the time.
Since then, we have continued to deliver industry firsts, such as real-time withdrawals to a bank account, and most recently our One-Click payments feature. Our promise is to continue to push the boundaries of account-based payments and deliver new firsts for customers.Activate Social Media: