Question

Paid companion means??

Answer 1

Paid companion means that companion or a person to whom a particular person pays a specific amount so that he /she should help him /her in some or the other thing for which he /she has been appointed for.

Answer 2

You’ve taken this phrase from the lesson “Mrs.Packletide’s Tiger” right? If so, this phrase is an oxymoron.
Oxymoron by definition is a figure of speech in which apparently contradictory terms appear in conjunction (e.g. the living dead - here the phrase refers to zombies but technically both the words are quite the opposite of each other)

Here, the phrase is an oxymoron as companion is a person who accompanies you without you paying them.