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. Wave Payments is an online payment processing and invoicing software that lets businesses accept online payments, 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.
It also integrates with other Wave software to create a solid product for businesses that are looking for a simple way to invoice customers and get paid. Instant Payout is an additional service offered by Wave subject to user and payment eligibility criteria. The Pro Plan is suited for growing businesses that require more advanced financial features. It’s ideal for companies in industries like professional services and mid-sized retail. This plan offers full accounting, invoicing, receipt scanning, and advanced payroll management.
Is it easy to cancel for any reason after I subscribe?
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. If you’re being paid by a company as a vendor through a platform such as Gusto or Bill.com, it might cost you nothing to accept an ACH payment. Companies typically pay a subscription fee to use their payment processor, which covers ACH transaction fees. Some payment services, including Zelle, offer instant bank-to-bank transfers via ACH (and other networks) without additional fees.
Never lose track of payments
Wave is a well-rated payroll solution that offers a self-serve employee portal, time tracking and payroll processing for both employees and contractors. However, it doesn’t automate payroll or offer a mailing service for paychecks. Get more information about how it stacks up with our Wave Payroll review.
Can I change plans easily?
Most of Wave Accounting’s essential features, including accounting, invoicing, and receipt scanning, are available for free. However, certain advanced services like payroll and payment processing come with additional fees. The free accounting plan includes basic features suitable for freelancers and small businesses. For more advanced needs, such as additional users and automated transaction imports, Wave Accounting offers a paid plan priced at $16/business/month or $170/business/year. Approval to use online payments is subject to eligibility criteria, including identity verification and credit review. You’ll need to answer a few questions about your business and provide us with a little more information about yourself in order to get approved to accept online payments.
Learn how we stay transparent, read our review methodology, and tell us about any tools we missed. Help us to improve by providing some feedback on your experience today. As follows are some common user complaints and praise you’ll find online for Wave Payments.
Even more ways to get paid: Credit card
- In full-service states, payroll in Wave costs $35 plus $6 per employee or contractor per month.
- Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more.
- Along with scalability, teams should also consider each plan’s individual features.
- 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.
Once connected, you’ll be able to use the app for sending and duplicating receipts as well as mobile invoicing, which lets you create, customize, and send invoices straight from their mobile device. It also sends automatic notifications, letting you know immediately when an invoice is viewed, past due, or has just been paid. You can also try out Wave Payroll, a paid service Wave offers for those who want to provide employee payroll through the platform as well. Wave Accounting secures your data with up to 256-bit TLS encryption, similar to online banking and shopping standards. Wave Accounting also offers multi-factor authentication for an extra layer of security.
Stripe and Wave are two prominent contenders, each with distinct features and benefits. This article offers a detailed comparison of Stripe and Wave’s pricing and fees, as well as an analysis of the payment methods they support. This thorough assessment will assist businesses in making informed decisions that align with their financial and operational objectives. Overall, customers have found Wave easy to use and convenient for invoicing and accepting payments.
- If you’re in one of these types of businesses, ACH payments are probably a good fit for you.
- Wave supports its own first-party payment processing, but won’t allow any third-party integrations to process payments through the Wave platform.
- Plus, easily access key reports (like profit and loss statements) about the health of your business.
- This thorough assessment will assist businesses in making informed decisions that align with their financial and operational objectives.
ACH bank payments can take from two to seven days for funds to reach a business’s bank account. Wave is an up-and-coming contender in invoicing and payments software for small businesses. It’s primarily devoted to freelancers and small single-owner businesses, offering a single free plan that lets you send invoices, track expenses, receive online payments and run financial reports. Wave and QuickBooks are two popular platforms for invoicing and accounting for small businesses. In this review of Wave vs. QuickBooks, we’ll look at how the services stack up, including their features, pros and cons, and which kinds of businesses can benefit from each. The cost of accepting ACH payments depends on the platform you (or the payee) use to facilitate it.
The platform offers enough features and add-ons to grow with your business, but it may be more complex than you need if you’re a one-person shop. The platform’s design is intuitive, so it’s easy for anyone to set up and use. Create customized invoices and estimate templates that align with your brand and save information about clients and services so you don’t have to re-enter the same information over and over each time you invoice. Square is a popular online and POS payment system for small businesses. It’s free to use, and you pay 1% per ACH wave ach fee transaction (minimum $1).
Make tax time a breeze
Payment processors such as Stripe and Square set the ACH cost at a percentage of the transaction that’s a fraction of the credit card processing fees. Accept credit cards, bank payments, and Apple Pay for as little as 1%2 per transaction.Your customers can use the secure “Pay now” button on your invoices to instantly pay you. Wave Money is a free business bank account that integrates with your Wave account for easy bookkeeping and faster payments. It comes with no monthly fees and no minimum, and you can receive invoice payments instantly instead of waiting for a payment to process and hit your bank account. QuickBooks by Intuit is a mainstay in online invoicing and accounting for small businesses.
This is a bit of an oversight that puts Wave solidly below a handful of the top services – including FreshBooks, QuickBooks Online, Xero Invoice, and Square Invoices – when it comes to analytics. Wave offers a decent range of invoice creation tools and abilities. While the number of core templates is a little low at just three, you’ll be able to add a company logo, customize colors, and include customer notes. The invoices can calculate taxes and create estimates, while offering multi-currency support – all useful features for a versatile invoicing service. Wave Advisors offers personalized bookkeeping support and coaching for small business owners. The pricing for these services is not specified on the main pricing page, and interested users are encouraged to contact Wave Accounting directly for detailed information.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. Wave has pretty excellent sales and advertising transparency. 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. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Wave also handles general finance management, and with the right third-party integrations, it can support CRM, ecommerce, and email marketing as well. Once each brand was ranked in each category, the Tech.co team compiled the scores into a single 5-point rating for each software, allowing them to be directly compared.
With over a decade of editorial experience, Rob Watts breaks down complex topics for small businesses that want to grow and succeed. His work has been featured in outlets such as Keypoint Intelligence, FitSmallBusiness and PCMag. If you don’t live in those states, Wave can still help by crunching the numbers to give you the correct tax information and money owed. Since this is less useful, the service will be $20 per month cheaper. Wave’s payroll service’s functionality is defined by whether you live in a state that allows a third-party service to file for you, or if you need to do it yourself.
You’ll never lose track of payments again, and you’ll be all set at tax time. Bank data connections are read-only and use 256-bit encryption. Wave is PCI Level-1 certified for handling credit card and bank account information. QuickBooks Pro and Premier are two different plans available that offer very similar feature sets leading to much confusion. In short, QuickBooks Premier is best for businesses that need industry-specific features, while QuickBooks Pro is ideal for small businesses with general accounting needs. For more information, check out our guide on QuickBooks Pro vs. Premier.
ACH payments are electronic transfers from one bank account to another, almost exclusively within the U.S. They’re facilitated by the Automated Clearing House network, a hub connected to thousands of banks around the country. If you run a subscription for a publication, an online community or a yoga or fitness studio, look into adding an ACH payment option for your customers.
The following are common themes when it comes to user praise for the company. Wave offers a mobile app for Apple and Android that allows you to do things like send invoices on the go and initiate instant transfers to your bank account. If your bank account works with the platform, it’s a great way to get fee-free, instant direct deposit payments from individual clients just by sharing your username or email address.