Naturepay Review: Fees, Comparisons, Complaints, & Lawsuits
Founded in 2015, Naturepay is a merchant account provider that specializes in processing credit card payments for legal marijuana businesses.
Naturepay Payment Processing
Unlike most cannabis merchant services providers, Naturepay specifically claims that it can process credit card and debit card payments through a conventional merchant account in partnership with multiple U.S.-based banks. This is a remarkable claim due to the fact that Visa, MasterCard, and most national banks have gone on the record stating that they will not allow their networks to be used for marijuana transactions. Naturepay not only advertises cannabis merchant accounts, but it also has point-of-sale and e-commerce solutions available and can place CBD and paraphernalia sellers as well.
Location & Ownership
Jim Lange is the president of Naturepay, which is headquartered at 5614 Alora Loop, Anchorage, Alaska 99504. The company does not list its acquiring bank(s) on its website, likely to avoid regulatory scrutiny. There is some reason to believe that Naturepay may also operate under the name Weed Pay LLC.
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Naturepay Customer Reviews
Here's What Their Clients Say
|Live Customer Support||No|
|Most Common Complaint||N/A|
Low Complaint Total
We are currently able to locate only 1 negative Naturepay review, and this review rather unfairly accuses the company of being a scam. According to the Naturepay review, the company simply didn’t get back in touch with the reviewer after they submitted an application. The reviewer seemed to interpret this as data theft. Although failing to reply to an application is unprofessional, it does not raise a red flag that Naturepay might be a criminal enterprise. It does, however, suggest that the company’s small staff may be overworked, or that Naturepay itself is struggling to keep operations running. If you have your own Naturepay review to make, please do so in the comments below.
Naturepay Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Naturepay. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Naturepay Customer Service Options
There are no other complaints of this nature, so we are inclined to believe that this was an isolated incident. Naturepay offers a contact form on its website and does not show a dedicated phone number for customer support. This falls short of our expectations for top-rated customer service providers, but it’s not uncommon in the niche high-risk payment processing market.
Naturepay Online Ratings
Here's How They Rate Online
No Profile Available
The Better Business Bureau does not maintain a profile for Naturepay at this time. We therefore will not factor a BBB rating into this review.
Naturepay Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
We are unable to locate a copy of the standard Naturepay contract at this time, but Naturepay advertises on its website that it charges retail merchants 5.95% plus $0.30 per transaction with no hidden fees, no reserves, no termination fee, no monthly fees, and a month to month contract. Setting aside the very high processing fee, these are remarkably competitive terms if they are accurately quoted. It is unclear how the company structures its merchant accounts or which banks it uses, and some social media posts by the company’s representatives suggest that it may require merchants to sign a non-disclosure agreement before working with them. This makes it very hard to determine the exact arrangement that the Naturepay rates offer.
No Red Flags
Despite the mystery over how it provides its services, there are no negative reviews of Naturepay’s contract terms to be found on any consumer forums. Its rate of 5.95% plus $0.30 is high compared to the cheapest merchant accounts, but it is reasonable for the cannabis industry. Since we cannot find any client feedback that disputes the company’s advertised contract terms, we will assign the company an “A” rating for now.
We also encourage business owners to check out our list of the providers of the best merchant accounts.
Naturepay Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||No|
|Discloses All Important Terms||No|
Inside Sales Team
Naturepay appears to primarily market itself through conventional advertising and referral. The company maintains a small staff and does not seem to employ a large team of independently contracted sales agents. This compares favorably to our list of best credit card processors. Naturepay’s marketing is strictly focused on marijuana and marijuana-adjacent businesses, which both restricts its overall client pool and makes it attractive to businesses in its target industry. This means that cannabis businesses are very likely to seek Naturepay out on their own as they search for a reliable merchant account provider.
Naturepay Rate Quotes
Naturepay’s marketing copy makes some bold claims. The ability to process payments through a domestic bank requires either a close relationship with a bank employee who is willing to look the other way or the intentional miscoding of a business’ type. Both approaches are risky and unstable, so it’s rare to see a credit card processor openly advertise this service. Moreover, Naturepay openly lists a rate of 5.95% plus $0.30 per transaction for retail businesses, which is right around the amount that most industry experts say cannabis sellers should expect to pay. We have seen no Naturepay complaints that suggest that their advertising is misleading, and we have no reason to lower its score in this section. If you suspect that the company has misrepresented its pricing, you can double-check your monthly bill with a third-party statement audit.
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