The processing fees are a flat rate of 2.9% plus 30 cents for credit cards and Apple Pay, and a 1% fee on all U.S.-based ACH transfers. Plus you can add checkout links on your business website and social media profile so customers can check out without having to wait for an invoice. Instant Payout is an additional service offered by Wave subject to user and payment eligibility criteria. A 1% fee is applied to the amount you withdraw from your available balance, in addition to regular processing fees. Wave Payments is an online payment processing and invoicing software that lets businesses accept online payments, net lease capital advisors bill customers through email and keep track of income records. Because it is free and only charges processing fees, it’s an affordable option for small businesses.
Is it safe to connect a bank account to Wave?
Wave’s mobile app (for Android and iOS) helps merchants manage their invoices from their mobile devices. Wave Money (like PayPal balance) allows users instant access to their funds for purchasing or transferring their linked business bank account. The July 2023 update for this software incorporated the receipt image capturing feature so merchants no longer need two separate apps. As a payment processor (facilitator), Wave does not have an application process, but merchants still need to provide their business information to set up an account. You will also need to provide your business banking information to set up the payment methods.
You’ll never lose track of payments again, and you’ll be all set at tax time. Our partners cannot pay us to guarantee favorable reviews of their products or services. As for ease of use, Wave’s platform is overall clean and well-organized so it’s easy to navigate. It also provides a detailed, step-by-step guide for setting up your payments and business profile.
Product & Services
Servers are housed under physical and electronic protection. Wave is PCI Level-1 certified for handling credit card and bank account information. Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay. Online payments allows you to get paid quickly by bank deposit, credit card, and Apple Pay. Yes, Wave’s accounting software automatically generates two entries for every financial transaction. This method of accounting—known as double-entry accounting—ensures account balances are correct and minimizes errors.
- While users never pay startup or monthly fees, Wave does charge a credit card processing fee of 2.9% plus 30 cents per transaction for most cards.
- While many of these positive reviews have to do with Wave’s software rather than its payment processing services, most software users do seem to use Wave’s payment processing.
- Wave was designed specifically for small business owners like you – no CPA required.
- That’s not the case with Wave—it provides one plan with an unlimited number of users, invoices, credit card connections and reports for free.
- Overall, customers have found Wave easy to use and convenient for invoicing and accepting payments.
Plans to makeyour plans happen.
We then compare pricing methods and identify providers that offer zero monthly fees, pay-as-you-go terms, and low transaction rates. Finally, we evaluate each according to a range of payment processing features, scalability, and ease of use. 1 Payouts are processed in 1-2 business days for credit card payments and 1-7 business days for bank payments. Deposit times may vary due to processing cutoff times, third party delays, or risk reviews. Wave Payments takes care of online billing and payments in a single platform. Businesses can invoice customers by email and let them pay directly from an invoice, simplifying the billing process to just a few clicks.
Wave Payments also connects with Wave Accounting for reporting features. Small businesses can view a breakdown of deposits as well as reports on paid and unpaid invoices, which payments are still processing, and more. With Helcim, you get everything you need to accept credit card payments, plus high-quality support from real humans.
This is a typical credit card processing fee that you’ll find on any platform. By default, Wave transfers funds to a merchant’s bank account after two business days, while ACH transfers are completed between two to seven days. Wave also provides merchants instant access to their funds via the Wave mobile app through Wave Money, which acts like a digital wallet similar to a PayPal balance. Overall, customers have found Wave easy to use and convenient for invoicing and accepting payments. They like the mobile app and dashboard features, along with the ability to make professional, branded invoices.
For more information on its accounting features, see our review of Wave Accounting. This score took into account sales tools like customer management features, BNPL, fraud prevention, and developer tools for customizations. We also considered deposit speed, giving the most points for same-day processing, and customer service. As an accounting platform, Wave can automatically track the difference in currency exchange rate, from the time that the payment was received, to the time the amount was deposited to the merchant’s bank.
Like most types of software, the best invoicing software programs offer many levels of security. The software also does not provide project management features. Users are not able to assign estimates to projects or track income and expenses by project. One downside is that the system does not allow for images to be added. However, it lets businesses safely edit/update any of the services (like pricing, for example) without affecting any specifics in a past invoice.
