Best for
Merchants that own legal cannabis-related businesses who are in need of payment processing services.
Specializes in
Naturepay specializes in providing payment processing services for merchants working in the cannabis retail space, as well as those who sell CBD products, paraphernalia, and other high-risk merchants.
Pricing Summary
Setup Fee: N/A
Monthly Fee: None
Swipe Rate: N/A
Keyed-in Rate: N/A
Early Termination Fee : None
Contract Terms:
Naturepay was founded in 2015 as a merchant account provider specializing in processing payments for merchants operating legal cannabis businesses.
The company’s president is Jim Lange, and Naturepay does not list its acquiring banks on its website.
This company may also be operating under the name, Weed Pay, LLC, and it is headquartered in Anchorage, Alaska.
Naturepay has a long history of handling high-risk merchant accounts. The company was founded in 2015 and it serves as a merchant account provider offering products and services to merchants in the legal marijuana space. The company also provides payment processing services to CBD merchants and others in the high-risk category.
Naturepay utilizes a conventional merchant account in partnership with several United States-based banks for credit and debit card transactions. Payment processing services for these types of high-risk merchants are difficult to come by, and Naturepay has found a way for these businesses to accept payments from Visa and Mastercard.
Naturepay is located in Anchorage, Alaska. Jim Lange is the company president. This company bases its business on what they call the Cannabis Merchants Bill of Rights, which states that these merchants have the right to be recognized as contributing members of the business community and should have access to the merchant services they need.
Head Quarters
Anchorage, Alaska
Year Founded
2015
CEO
Jim Lange
Employees
2-10
Merchant Provider Risk Tolerance
Specializes in legal cannabis businesses.
Works exclusively with high risk merchants.
Has experience to help cannabis merchants deal with the difficulties of banking.
Small sales team that works directly with each merchant to achieve financial success.
No termination fees.
Cannabis is still illegal on a federal level, making the business a challenge on a national level.
No real reviews online, neither positive nor negative.
Slower startup because of the legal hoops to jump through.
No chat support, only email, and phone.
Higher rates because of the high risk business.
Hardware & Software
Naturepay offers several options for merchants in the retail cannabis space. They can equip merchants with:
An online gateway with software that allows them to accept all credit and debit card transactions.
ATM services for cannabis businesses who choose to install ATMs.
Marijuana POS systems
Naturepay advertises seed to sale software programs, which can improve business efficiency, boost sales, and assist cannabis merchants with remaining in compliance with local laws and regulations.
Value Added Services
Naturepay can assist merchants with reloadable customer cards that include the store’s branding. These cards go along with the merchant’s loyalty program, which is also included as one of this company’s value added services.
Naturepay also provides marijuana banking solutions to help facilitate cash money deposits and exchanges with their cashless program and armored car cash pickup with no limits. Online banking is also available for merchant customers.
Supported Payment Types & Services
Customers doing business with merchants who have Naturepay as their payment processor will be able to pay for their purchases using the following methods:
All four major credit cards
Debit cards
ACH
Wire transfers
Reloadable cards
Discloses All Important Terms
No
Public Pricing Available
No
Naturepay advertises that its retail merchants are charged 5.95% + $0.30 per transaction at brick and mortar stores. There is no information available about e-commerce rates.
Naturepay does not charge a termination fee and PCI compliance and equipment leasing fees are variable. The company advertises no hidden fees, no reserves and no monthly fees.
Pricing Model
Unknown
Swiped Rate
N/A
Keyed-in Rate
N/A
Mobile Payment Rate
Unknown
Virtual Terminal Rate
N/A
Monthly Fee
None
Payment Gateway Fee
N/A
Batch Fee
N/A
Early Termination Fee
None
PCI Compliance Fee
Variable
Equipment Lease Terms
Variable
Address Verification Service (AVS)
Unknown
Application Fee
N/A
Account Setup Fee
N/A
Gateway Setup Fee
N/A
Annual Fee
N/A
Monthly Minimum
N/A
Statement Fee
N/A
Naturepay offers month-to-month contracts for all of its merchant customers, with no fees for early termination.
It is not clear if this extends to equipment leasing as well as payment processing services.
Contract Length
Unknown
Early Termination Fee
None
Cannabis-related merchants will not be able to get started with payment processing the same day they request a merchant account. Proper integration is critical within this industry, and onsite installation is available.
Following account approval, Naturepay schedules integration for e-commerce accounts and retail accounts will have scheduled installation in person or over the phone.
Naturepay has several ways of providing support to merchant customers. The company website has a dedicated support page and contact information via phone and email is available for the company president and the vice president of business development.
BBB Rating
Naturepay does not have a profile on the Better Business Bureau website. There is no rating available for this company with the BBB.
Other Online Reviews
There is only one negative complaint about Naturepay online, and that complaint is directed toward the company for not getting in touch with a merchant after they had applied for their services. The merchant inappropriately interpreted this as potential data theft. There is no evidence that Naturepay is scamming cannabis merchants and there are no outstanding class-action lawsuits or FTC complaints against this company.
BBB
N/A
N/A
1 out of 5 Based on the opinion of 1 person
Yelp
N/A
Total Online Reviews
10+
Total Online Complaints
Unknown
Lawsuits
No
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