Square features include creating and sending unlimited invoices, scheduling invoices for recurring payments, and even saving a card on file to charge automatically. Businesses can also send payment requests via SMS text messaging or sharable links to give customers the most convenient way to pay. Customers can make payments with credit card and ACH bank transfers, as well as Apple Pay and Google Pay. Like Wave Payments, PayPal’s business accounts use a flat-rate payment plan for transactions.
Should You Use Wave Payments?
The service comes with multiple plans ranging from free to $20/month, each with its own processing rates and model. Overall, however, Wave Payments is more than competitive with QuickBooks Payments, especially where invoice transaction fees are concerned. Unless you’re looking to switch to QuickBooks for your accounting needs, there’s not much incentive to choose it over Wave. 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.
Payments
However, some information isn’t available until payments have been received, which can delay the company’s ability to investigate a business further. This has led to some customers having their funds held or refunded. Wave recently reduced its fund holding time from 120 days to 30 days. 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. Reports can be exported as PDF and CSV files.
Approval is subject to eligibility criteria, including identity verification and credit review. Payments are a pay-per-use feature; no monthly fees here! Your deposit times may vary based on your financial institution. All payments are subject to a risk review and periodic credit risk assessments are done on business owners because we need to cover our butts (and yours). A 1% fee is applied to the amount you withdraw from your available balance (minimum fee of $1), in addition to regular processing fees.. Deposits are sent to the debit card linked to your account in up to 30 minutes.
Give your clients what they want
All feedback, positive or negative, helps us to improve the way we help small businesses. 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. Join the thousands of people like you already growing their businesses and knowledge with our team of experts. We deliver timely updates, interesting insights, and exclusive promos to your inbox. Businesses can access the dashboard online from anywhere they have an internet connection, which means they always have the ability to bill clients and see who hasn’t paid.
When you’re running a business by yourself, however, you’re probably going to look 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. Get paid in 1 to 2 days1, enhance your brand, and look professional when you enable online payments. With a Pro Plan subscription, get $0 transaction fees on your first 10 transactions each month. To say types of liabilities a lot is going on with QuickBooks Payments is an understatement.
- Wave recently reduced its fund holding time from 120 days to 30 days.
- 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.
Bank data connections are read-only and use 256-bit encryption. Servers are housed under physical and electronic protection. Wave is PCI Level-1 certified for handling credit card and bank account information. We built our Payroll tool project debt and equity finance for small business owners, so it’s easy to use AND teaches you as you go. A lot of online reviews of Wave’s products center around the accounting solution, but some themes carry over to customer experiences regardless of the product.
Our money management tools are easy to use separately and more powerful together. Our money management tools are easyto use separately and more powerfultogether. Feel confident knowing your business and customer data are protected by the highest level of certified bank-grade security practices. By providing feedback on how we can improve, you can earn gift cards and get early access to new features.
Our invoicing, online payments, accounting and bank connection features give you a unified view of your income and expenses – no need to log in to multiple apps or tools. 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. Unfortunately, Wave’s pricing comes up a little personal income statement template plus how to make one short compared to Square and Stripe. Visa, Mastercard, and Discover transactions are $0.30 more expensive. Additionally, American Express is processed at a higher fee.
We believe everyone should be able to make financial decisions with confidence. Customers can pay instantly by secure bank payment when they view the invoice online. If you’re interested in our payroll software, you can start a free 30-day trial when you sign up for Wave. Wave uses real, double-entry accounting software. Accountants do, and they’ll thank you for it. Let us know how well the content on this page solved your problem today.