Best for
Small, independent companies and medium-sized businesses
Specializes in
Point of sale (POS) and revenue-driving services, payment processing, financing, marketing, and working with small business owners and operators.
Pricing Summary
Setup Fee: $0
Monthly Fee: Undisclosed
Swipe Rate: 1.00% - 4.99%
Keyed-in Rate: 1.00% - 4.99%
Early Termination Fee : $375
Contract Terms:
AMP Payment Systems is a registered ISO/MSP of Fifth Third Bank. Created in 2017, AMP Payment Systems is based in Phoenix and works mostly with standard-risk merchants. The company operates under a few different names including EMV Payment Systems, Smart Card Merchant Services, Eschelon Merchant Services, and Covington Ridge Financial, LLC.
AMP Payment Systems was created to stand out among other providers by focusing primarily on independent and smaller businesses. It currently has 51-200 employees.
AMP Payment Systems does not have its payment structure available on the company website. Some customers have stated that AMP offers multi-year contracts, an early termination fee of $375, and a four-year equipment rental contract through a 3rd-party provider which can not be canceled. The four-year equipment rental contract also comes with a mandatory 48-month equipment fee of $78 per month.
The company's website doesn't specify what business type benefits most from this pricing structure, but it does repeatedly state that AMP works predominantly with small and mid-sized merchants.
Head Quarters
Phoenix, AZ
Year Founded
2016
CEO
Shanan Mohatt - Senior VP of Sales
Employees
100
Merchant Provider Risk Tolerance
Zero setup fee.
Domestic telephone support during business hours.
Offshore technical support after hours.
Documentation knowledge base provided.
Works with small independent companies and medium sized businesses.
Early termination fee.
Three year contract.
Public pricing is not available.
All important terms are not disclosed.
Equipment lease term is locked for 48 months.
Software
According to its website, AMP Payment Systems has a goal to set up their customers with software programs that best suit the client business's needs. By upgrading a client company's software, AMP aims to help prevent fraud, build a clientele base for the merchant, and prevent chargeback issues.
Financing
AMP Payment Systems provides tools and information for businesses who want to learn more about finance and manage their money. AMP works with partners that offer different financing types such as receivables factoring, merchant cash advances, merchant ACH loans, and American Express Business Financing.
Hardware
Having the proper hardware is essential for creating the right framework for running an efficient and effective business. Software is the lifeblood of processing credit card transactions but often times a company's software won't run properly unless the hardware is also up to date. Utilizing the proper hardware is the key to allowing software updates to maximize their intended effect. You can think of this as being similar to buying a smartphone that is five versions older than the latest model; You'd experience limited functionality since your device is incompatible with the current software.
Discloses All Important Terms
No
Public Pricing Available
No
AMP Payment System's website does not disclose the fees and pricing for general contracts. However, other customers of this service have shared an early termination fee of $375 and a mandatory 48-month contract with a $78 monthly fee. This company does not seem to have competitive rates, giving it less edge than other businesses with similar services.
AMP Payment System offers a swiped rate of 1.00%-4.99% and a keyed-in rate of 1%-4.99%.
Pricing Model
Unknown
Swiped Rate
1.00% - 4.99%
Keyed-in Rate
1.00% - 4.99%
Mobile Payment Rate
Virtual Terminal Rate
N/A
Monthly Fee
Undisclosed
Payment Gateway Fee
Undisclosed
Batch Fee
Undisclosed
Early Termination Fee
$375
PCI Compliance Fee
Undisclosed
Equipment Lease Terms
48 Month (locked)
Address Verification Service (AVS)
Application Fee
Account Setup Fee
$0
Gateway Setup Fee
Undisclosed
Annual Fee
Monthly Minimum
Undisclosed
Statement Fee
AMP Payment System does not disclose how many years are in their standard contract. They do however disclose the non-cancellable 48-month equipment contract, which charges $78 per month. The 4-year equipment contract leads us to believe that the minimum contract is for a minimum of four years.
Contract Length
3 Years
Early Termination Fee
$375
AMP Payment Systems has a "B+" rating with the BBB. They have received three complaints in the last year, none of which are resolved yet. All three complaints had to do with a product or service issue.
AMP has also received 43 reviews outside of BBB - 35 of which were positive and 8 that were negative. A majority of the negative reviews had to do with "salesy" telemarketing tactics.
BBB
B+(3 complaints)
N/A
4.5 Stars / Based on the opinion of 108 people
Yelp
N/A
Total Online Reviews
50+
Total Online Complaints
10+
Lawsuits
None
If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks