Even if you’ve never used accounting software before, you’ll be able to figure out Wave with ease. There’s also a dedicated invoicing mobile app to keep you going on the go. Wave invoicing allows you to create and send professional invoices in just a few clicks. The software also allows you to set up recurring invoices and track payments.
- Please view our advertising policy page for more information.
- Another big advantage of the app is it’s straightforward to use.
- We looked for invoices, recurring billing, and virtual terminals.
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. 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.
Note that while the accounting features are free, using Wave’s payroll tools comes with a monthly fee. Merchants can still use the platform for payment processing without using these tools. Time-saving features like scheduled payment reminders and automatic credit card payments. Connects seamlessly with Wave’s free invoicing and accounting software, so you’ll always have the information you need in one place. Pay only 2.9% + 30¢ per transaction with no subscription fees or hidden charges (3.4% + 30¢ per transaction for American Express cards). Approval is subject to eligibility criteria, including identity verification and credit review.
The Best Corporate Credit Cards For Businesses In 2024
If you’re getting its paid payroll service, Wave Payroll, you will need to provide your credit card details. Wave is a solid option for invoicing, standing out for its low pricing, great range of software functionality, and good customer service. But it’s not the only option, and quite a few others offer more complex invoice creation abilities, or more comprehensive reporting and analytics. One of Wave’s competitors, FreshBooks, offers loads of features at very low pricing.
There are also no analytics, and customization is very limited. The invoicing solution is Wave’s primary sales method—and what’s great about this feature is that it’s completely free. It allows users to create fully customized invoices, from the design to the reminder settings. 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.
Last but not least, WaveApps for smartphones allows you to deposit checks and track your income with a tap on your phone. The app offers a user-friendly, feature-rich application that works for those who don’t have much accounting experience. It’s one of the few really free choices available and may help you handle all of your accounting tasks in one simple location. In this Wave accounting review, we’ll tell you everything you need to know about this user-friendly, free accounting software. On the other hand, if you’re using Wave, that’s probably because Wave is a lot cheaper than QuickBooks. Additionally, QuickBooks’s other pay-as-you-go plans have significantly higher fees than both QuickBooks Online Payments and Wave and without PayPal support.
Do I need to enter my credit card details to sign up to Wave?
Wave can process invoice payments with bank transfers (ACH payments). It charges a standard 1% fee with a $1 minimum, as with most top payment processors. The processing speed is also standard at 2–7 business days. This payment method is available directly from the invoice via a payment button and from the virtual terminal. Wave automatically tracks and records all payments for reporting and tax purposes. Businesses generally receive their funds within two business days if a customer pays by credit card.
International Payments
Check out Clover for simple, easy-to-use small business point of sale solutions.
What small businesses say about Wave Payments
All debit card purchases automatically get logged and categorized. Wave’s double-entry accounting system is designed to help you keep track of your cash flow and manage your business finances. With Wave, you can connect your bank account and credit cards, track expenses, and run reports. 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.
Alternatives to Wave Payments
The customer list can be added in bulk or individually from the Add a Customer function or directly while creating a new invoice. Each customer profile includes complete customer contact information and will track every outstanding and paid invoice. Get your money faster when you offer customers the ability to pay directly from your invoices, starting at what is trade discount journal entry examples calculator 2.9% + 60¢ per card transaction. For information on credit card rates, visit the pricing section for details. With Wave, you can use dashboards to view cash balances and invoice statuses, or export your accounting reports covering profits and losses, sales tax, cash flow, and more. Last but not least, Wave integrates with popular accounting software.
However, you won’t be able to send invoices or process payments. 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. However, an instant funding option is available for a fee. 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. With this feature, Wave also provides merchants with the ability to securely store customer payment information. And because it is primarily an accounting software, transactions are automatically tracked and recorded for easy tax reporting.
