Wave Payments Review 2023: Pros, Cons, Alternatives

You can mark invoices paid on the spot, so your records are instantly up to date. Accept payments through credit cards and bank payments to get paid even faster, for a low, pay-per-use fee. Add credit cards and bank payments to get paid even faster, for a low, pay-per-use fee. Wave deposits money into your connected bank account within two business days of payment. You’ll pay 2.9% plus $0.60 per transaction for Visa, Mastercard and Discover; 3.4% plus $0.60 per transaction for American Express; and 1% per transaction for ACH transfer from your client’s bank account.

• Wave also allows users to send direct bank-to-bank transfers for 1% per transaction, although the processing time is a little longer.
• Wave was designed specifically for small business owners like you – no CPA required.
• If you’re a small business owner offering an in-person service or working with a bookkeeper or accountant, QuickBooks is a standard choice and may be worth the subscription fee.
• And it’s worth noting that while Xero has more features, the software also has a steeper learning curve than Wave.

By enabling small business owners to accept credit card payments from customers wherever they are, the Wave App provides an additional layer of convenience and flexibility. There’s no shortage of payment processing options for sole proprietors and contractors. When you’re running a business by yourself, however, you’re probably going to be looking for labor-saving conveniences whenever you can get them. Wave, a popular accounting tool for freelancers, now offers integrated credit card processing with its (almost) free-to-use software. Square’s basic invoicing options are free, but businesses can pay $20 a month for advanced features. With Wave, you have access to expense tracking, bank reconciliation, and reporting to help you manage your finances.

How online payments work

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. One of Wave’s most popular invoicing features is the ability to create user-friendly customizable templates. Not only can you customize the invoices to fit your brand, but you can also set up recurring invoices and automate credit card payments for repeat customers. Once invoices have been sent, you can easily track the status of each invoice to see if they are viewed, unpaid or Overdue.

• The best accounting software programs all provide similar features, so when considering which one is best for your business, you need to consider which features are the most important to your situation.
• This fee can vary depending on the type of card the customer uses.
• The Wave customer service staff appears to respond actively to client questions and concerns on the company’s website and in the comment sections of independent reviews of their product.
• There’s no shortage of payment processing options for sole proprietors and contractors.
• While Wave Payments and Square Payments offer a very similar fee for card-not-present transactions, Square’s processing services are far more robust.
• Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption.

Wave also allows users to send direct bank-to-bank transfers for 1% per transaction, although the processing time is a little longer. The company does not charge an early termination fee or a PCI Compliance fee, and clients are free to cancel their service at any time. When it comes to using Wave Payments, a better question is whether you should use Wave in general. There are more competitive flat-rate payment systems for low-volume businesses (Square, Stripe, PayPal), assuming that payment services are what you’re most concerned about.

The Final Verdict: Is Wave Worth It?

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Fair pricing

Given the fact that Wave’s pricing negates the worst aspects of Vantiv’s contract terms, we have assigned the company an “A” rating in this section. We also encourage business owners to check out our list of the providers of the best merchant accounts. Like Wave Payments, PayPal’s business accounts use a flat-rate payment plan for transactions. Both services charge 2.9% + $0.30 for card-not-present transactions. PayPal does offer no-frills card-present transaction support through a mobile POS system for the (quite good for small transactions) rate of 2.7%.

In August, 2012, the company announced the acquisition of Vuru.co,[17] an online stock-tracking service. If you’re already using Wave, turning payments on is as simple as clicking on the “Turn on Payments” button and telling Wave where to send your money. Below, we’ll take a closer look at Wave’s payment system, what it has to offer small businesses, and how it stacks up against its competitors. Simply email your customers an invoice and they can use the secure “Pay Now” button to send over your payment. Using billing software helps to eliminate some or all potential human errors by automating several processes that are normally done manually.

Fast Deposit Times

Wave’s credit card processing services are part of the larger Wave platform. How Wave stacks up to other services will be highly dependent on how valuable the platform as a whole is to your business. We’re encouraged to see that Wave credit card processing reviews are often positive and that the company responds to complaints made on the Better Business Bureau website.

There is no way to set an invoice total and have Wave calculate the tax portion as a percentage. This is not a problem for businesses that deal in wholesale transactions that are not subject to sales tax but is problematic for retail businesses whose pricing includes GST. For one, Square allows you to process American Express at the same rate as credit cards (2.9% + $0.30). If you’re taking the card in person, it will only cost you 2.6% + $0.10. Wave was designed specifically for small business owners like you – no CPA required. With our intuitive dashboard, you’ll be a money management pro in no time.

It isn’t easy to do business online without processing credit/debit cards or ACH payments. If you want to do business outside your local market, you’ll probably need to accept cards. Wave Payments allows clients that you invoice — and you can set up recurring invoices — to pay you online through any of the aforementioned methods.

Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Wave and QuickBooks both offer standard features and capabilities for invoicing for small businesses. Wave’s platform is simpler and designed for easy use for freelancers and businesses of one, while QuickBooks is designed to cover complex business needs and grow as your business grows. Through Wave, you can onboard and pay employees and independent contractors via direct deposit.

Automated billing, invoicing and other processes also help improve project and client management. Your billing and invoicing processes are also more streamlined and bills are processed and sent out in fundraising cans and coin banks a timely manner. Like most types of software, the best invoicing software programs offer many levels of security. Securely store customer card info for customer convenience and recurring cash flow.

Get paid online

In February 2012, Wave officially launched Wave Payroll to the public in Canada,[16] followed by the American release in November of the same year. Invoicing by Wave is an offshoot of the company’s earlier accounting tools. Check out Clover for simple, easy-to-use small business point of sale solutions.

Invoicing Integration

The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Wave does not integrate with QuickBooks, but if you want to connect QuickBooks and Wave you can use Zapier as a solution. You can import Wave data into QuickBooks Online if you are switching accounting software without needing a Zapier integration. Wave is a safe accounting option for businesses and uses standard best security practices including data encryption and regular data backups with secure servers. Wave offers a limited number of integrations, although it does support a much-needed Zapier integration, which connects Wave with 1,000+ add-ons. The integrations Wave directly connects with are PayPal, Etsy, and Shoeboxed.