You can even take all the credit by removing the Wave branding from your invoice footer with the Pro Plan. In some cases, we may hold funds and request more information if we need it for the protection of your business and Wave’s. Approval is subject to eligibility criteria, including identity verification and credit review. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services.
Contract Length & Early Termination Fee
Get paid in 1 to 2 days1, enhance your brand, and look professional when you enable Wave’s online payments feature. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. If you’re looking for an on-the-go solution, you can install our mobile app to help you manage invoices and payments.
Bank Payments
Wave’s credit card payment processing is integrated with popular payment gateways, making it easy to accept online payments. To account for payment processing fees in your business, you’ll need to record them as operating expenses. Wave’s online payments feature helps you get paid fast—with minimal set up time, lower fees, and faster processing times. Wave’s online payments feature helps you get paid faster with minimal set up time, lower fees, and faster processing times. Square and PayPal offer competing invoicing and online payment processing services, also with “freemium” plans that charge no monthly fee for basic features. The paid “Pro” plan also offers the advantage of lower payment processing fees for your first ten transactions each month.
Everything you need to confidently run your business.
Deposit times may vary due to processing cutoff times or third party delays. Deposits are sent to the debit card linked to your account in up to 30 minutes. Discover processing is only available to US customers. We provide different levels of support, depending on the plan and/or the add-on features you choose. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. Our plans are built for small business owners at every stage!
Wave’s terms of service are pretty straightforward, making it easy for small businesses to understand their responsibilities. This means your sensitive payment information is well-protected. Wave’s security features are top-notch, with high levels of security and strong encryption in place to protect your transactions. Wave does offer instant payouts for an undisclosed fee, which can be a game-changer for merchants who need access to their funds right away. This involves providing business and personal information for identity verification and credit review. This feature is completely free, making it a great option for small businesses.
Tracking and Managing Fees
This feature is a huge time-saver and adds a layer of convenience for business owners. This feature opens up a world of possibilities for businesses that operate globally. The contract is available to most small businesses located within the US, as long as they’re not high-risk and the representative signing up is of legal age.
Payment Processing
You’ll never lose track of payments again, and you’ll be all set at tax time. Wave’s bank payments am i insolvent the signs of insolvency for small businesses option (ACH in the US, EFT in Canada) is like paying by cheque, but without the hassle. Wave’s flat-rate processing fees depend on your plan; other standard fees, such as ACH transfer fees, do not vary based on plan. Wave’s fees and rates are fully in line with industry averages, though you will need to purchase a paid plan and add-ons in order to unlock all features. Your customers can also use the “Pay Now” button to make an ACH (bank transfer) payment or an EFT payment if they’re in Canada.
Get paid online
That is a massive time saver and helps me get paid faster! When everything is neatly where it belongs, tax time is simple. Your deposit times may vary based on your financial institution. Approval is subject to eligibility criteria, including identity verification and credit review.
Wave charges a flat rate fee for online payment processing, with higher rates for American Express transactions. You can accept credit card payments from customers, track your sales, and manage your cash flow all in one place. To track fees effectively, you need to record payment processing fees as operating expenses, as explained in Example 4. This is a fact that many businesses and individuals should be myths about doing your own taxes aware of when processing payments. For each business that activates their account through your referral link, your friends can also receive free processing fees on up to $1,000 in transactions. This process ensures that you accurately reflect the costs of payment processing in your accounting records.
Processing fees
Learn more about changing subscription periods and plan types in our Help Center. Then, whenever you’re ready, upgrade to the Pro Plan to unlock even more money management features. Wave’s tools are web-based, so you just need an Internet connection and browser—no bad debt reserve installation is necessary for our online software! That is a massive time saver and helps me get paid faster! This may be a drawback for those who need help outside of regular business hours. However, Wave lost points in my evaluation due to its limited customer support, which is only available during business hours.
- It takes at least two business days for any form of payment to be credited to a merchant’s bank account.
- Merchants can process multi-currency transactions for credit card and ACH payments.
- When everything is neatly where it belongs, tax time is simple.
- Merchants can also merge and categorize bank transactions, making it simpler to understand their financial situation.
Low cost bank payments
- Free and paid plans are available, giving users flexibility in choosing the best option for their needs.
- These templates can be tailored to fit your business’s branding, including your logo, name, and details.
- This feature opens up a world of possibilities for businesses that operate globally.
- Wave’s online payments feature helps you get paid fast—with minimal set up time, lower fees, and faster processing times.
- Wave’s fees and rates are fully in line with industry averages, though you will need to purchase a paid plan and add-ons in order to unlock all features.
If you are on Wave’s paid Pro plan, you can set up recurring payments for repeat customers so these customers will be automatically billed every month. Wave Payments supports remote, card-not-present transactions, Apple Pay, and ACH payments (EFT in Canada). “Most of my clients pay with credit cards using the secure link on the invoice. That is a massive time saver and helps me get paid faster!” Customers can pay instantly by credit card or Apple Pay when they view the invoice online. Email invoices with a secure “Pay Now” button after you’ve enabled the online payments option. Wave is PCI Level-1 certified for handling credit card and bank account information.
User reviews for Wave are rather mixed, and it can be difficult to separate complaints and praise of Wave Payments from those regarding Wave Accounting. Wave does not have live telephone support, although there is a number you can call if you have specific questions about the transactions on your monthly statement. All Wave contracts are month-to-month with no early termination fee. The Terms of Service on Wave’s website features a “translation” of the legalese into plain, friendly language, making it easy to decipher just what you can expect and what’s expected of you as a Wave merchant.
Wave credit cards also come with interest rates, which can be as high as 24.99% APR. It’s essential to consider these costs when deciding whether a Wave credit card is right for you. With a Pro Plan subscription, get $0 transaction fees on your first 10 transactions each month. For information on credit card rates, visit Pricing for details. Powerful, cloud-based accounting software that perfectly integrates with Wave’s suite of money management tools to help you run your business better. Send invoices on-the-go using Wave’s mobile app, which automatically syncs to your accounting records so your bookkeeping is already done.
If you invite businesses to join Square through your unique referral link, you can both benefit from the Square referral program. You need to reflect this in your accounting by creating an expense account, such as Payment Processing Fees or Merchant Fees. You can also set up payment due date reminders on the Amex App to avoid missing a payment. David Schwartz shares a valuable insight, noting that transaction fees charged by some applications aren’t bad, especially when compared to others. Feel confident knowing your business and customer data are protected by the highest level of certified bank-grade security practices. You’ll get paid faster which saves time for both you and your customers.
Contract length and fairness are also taken into account, with providers that offer flexible and reasonable contract terms scoring higher. Some user reviews for Wave are extremely positive, with a 4.4/5 star rating on GetApp and 1.6K reviews total. On the BBB website, their score is 1.03/5, with 31 reviews total.