"[6] Rolling Stone critic David Fricke interprets the song as possibly containing an apology for some of the band's earlier mistakes in lines such as:[7] Fricke describes the music of "Pay the Devil" as country music waltz although other critics, such as Allmusic's Steve Schnee describe the song as a ballad.

"[9] Allmusic critic Steve Schnee praised "Pay the Devil" as a "beautifully haunting ballad" and included it as one of "the Knack's best tracks.

"[12] Record World also said that "The candy-coated hook is delivered with Doug Fieger's loving care, and aimed at pop radio.

"[13] Ira Robbins and Michael Sandlin of Trouser Press called "Pay the Devil" "mushy, pandering lounge-rock.

"[7] Keith Tuber of Orange Coast Magazine called "Pay the Devil" "a tasty melodic ballad," although he preferred the band's choice for a single, "Soul Kissin'.