Written and produced by group members Eric Barrier and Rakim Allah, the song was released as the fifth single from the duo's debut studio album of the same name.

It became one of the group's most successful singles, owing heavily to a popular remix of the song by English electronic dance music duo Coldcut.

In 1985, Eric B. launched a search for a rapper to complement his turntable work at the WBLS radio station in New York City.

English dance music duo Coldcut were commissioned to produce a remix of the song to be included on the "Paid in Full" single, with the result being given the subtitle "Seven Minutes of Madness".

"Seven Minutes of Madness" became one of the first commercially successful remixes, becoming a top fifteen hit in countries such as Germany, the Netherlands and the United Kingdom.

[2] Jonathan More of Coldcut had previously played the Haza record in clubs and found that when he lowered its pitch, it synced perfectly with the "Ashley's Roachclip" drum sample.

[2] Other sample sources present in the remix include an anonymous James Brown, Don Pardo, the Peech Boys and the Salsoul Orchestra.

"Paid In Full" is believed to be the first hip hop record to implement layers of singing vocal samples over a drumbeat.

British DJ and presenter of radio and television Tim Westwood picked it as one of his favourites in 1995, adding, "This defines the sound of hip hop for years to come.

[18] Rakim's wordplay was praised and comparisons were drawn to American jazz musician John Coltrane: "[Rakim's] incandescent thought-bubble rap – barely a minute long – is all iced flow and sly beat-dodging, a good-vs.-evil meditation that calmly frames thug life inside real-life economics and a novelist's eye for detail.