Wave is not one of the cheapest merchant account providers, but its terms are otherwise competitive within the industry. 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. 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. Wave does not publicly offer any dedicated contact information for its customer support department, and some reviews mention that there is not an easily accessible customer service phone number.
It also has a virtual terminal and recently launched website integrations for ecommerce merchants. However, aside from the lack of in-person payment methods, Wave also does not process B2B payments processing. Before anything else, we need to establish that Wave’s payment processing features are purely remote. Any business looking for a provider that accepts in-person payments should check out alternative merchant account solutions instead.
The sole purpose of the material presented herein is to alert, educate, and inform readers. Save time when you send automatic payment reminders in your Wave account. Whenever a payment is due, your customers will get an email reminder. Anna is a retail expert writer, contributing to Fit Small Business POS and payments sections. She has evaluated dozens of software for small business owners for over six years and has developed a passion for POS and payment technology.
Is Wave Right for You or Your Business?
Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay. Make it easier for your customers to pay you right from their bank account. CCP supports Level II and Level III card data so you can qualify for lower transaction rates. ACH payments are assessed a fee of 1%, but the minimum fee for those transactions is $1. 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.
- The alternative here would be to have your customer pay with a Canadian credit card, although they would be subject to any fees that they may incur from their bank.
- You can record simple vendor bills and their payment in Wave, but this function isn’t as developed as it is in QuickBooks Online.
- With QuickBooks Checking, you can get integrated bookkeeping plus instant deposit of your payments, plus 1% APY interest on your balance (as of July 6, 2022).
- The agreement cites who is eligible to sign up for a Wave Payments service and the responsibilities of both parties.
- Wave Money (like PayPal balance) allows users instant access to their funds for purchasing or transferring their linked business bank account.
When you’re talking about accounting software, there’s a good chance the name QuickBooks will come to mind. It turns out that QuickBooks also does payment processing through Intuit’s QuickBooks Payments brand. Allow your customers to pay your invoices immediately via credit card, secure bank payment (ACH/EFT), or Apple Pay. Enable invoice payments through credit card, bank and Apple Pay.
You can create one for each business and also maintain a personal profile where you can track your finances. And because there is no monthly fee, this makes Wave great for small, serial entrepreneurs and those who run more than one seasonal business. On the other hand, if you’re using Wave, that’s probably because Wave is a lot cheaper than QuickBooks.
Pricing and business model
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. 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.
Credit Card Processing for Simple and Secure Payments within SAP Business One
Wave appears to rely primarily on its website and traditional advertising to market its Payments app. The company does not employ independently contracted sales agents, and we are currently unable to locate any negative Payments by Wave reviews that accuse the company of misrepresenting its terms. This compares favorably to our list of best credit card processors. We are currently able to locate a number of negative Payments by Wave indirect reference definition reviews, some of which accuse the company of being a ripoff or a scam. These complaints mostly describe fund-withholding problems through Wave, which is consistent with complaints that are typically filed against its previous processor, Stripe. Many of the other Wave complaints we have found are related to the company’s accounting software, which is a service that is only indirectly related to the company’s Payments service.
Customer service can be unhelpful
When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. With the Pro Plan, automatically import, merge, and categorize your bank transactions. It’s always available, and it’s backed up for extra peace of mind. Our money management tools are easy to use separately and more powerful together. The fact that Wave lets users create and send unlimited invoices and receive payment straight from the invoices for free makes it perfect for freelancers.
Easy eCommerce
You can also accept payments through your website or social media account by pasting a checkout link provided by Wave. With Wave, your invoices and payments automatically flow into your accounting records. You’ll never lose track of payments again, and you’ll be all set at tax time. Show clients they’re in good hands by sending business invoices, estimates, and receipts.
It does not charge monthly fees and offers a simple flat rate to accept credit card, digital wallet, and direct-to-bank (ACH/echeck) payments. Another free software option to consider is FreshBooks, which lets you customize your invoice and accept online payments. Invoices can be sent for one-time charges, scheduled for regular charges, or broken up into partial payments. Customers can pay directly from an invoice by credit card, ACH bank transfer or Apple Pay — the same options offered by Wave Payments. 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.
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. With QuickBooks Checking, you can get integrated bookkeeping plus instant deposit of your payments, plus 1% APY interest on your balance (as of July 6, 2022). Through Wave, you can onboard and pay employees and independent contractors via direct deposit. Wave also handles payroll taxes in 14 states, but all other states are self-serve (the platform continues to add more full-service states).