While its limitations do not make it an ideal solution for every business, Wave is a particularly appealing option for freelancers who are just starting out. Wave is first and foremost an accounting software, so it offers a wide range of features for users to manage their financials, including taxes and payroll. 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. Square’s basic invoicing options are free, but businesses can pay $20 a month for advanced features. We test each merchant account service provider ourselves to ensure an extensive review of the products.
Accept credit cards
Customize invoice schedules for recurring customers and charge your clients’ cards automatically. Customers can pay instantly by credit card or Apple Pay when they view the invoice online. Simply email your customers an invoice and they can use the secure “Pay Now” button to send over your payment. Reviews often say customer service isn’t helpful, especially in working through disputed claims and chargebacks. Some customers have also complained that Wave freezes payments but won’t give a straight answer about why thousands of dollars in funds are being held up.
Additionally, customers have found the payment processing aspect flexible and well-priced for the features they get. Businesses generally receive their funds within two business days if a customer pays by credit card. ACH bank payments can take from two to seven days for funds to reach a business’s bank account.
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. Also, notably, Wave charges higher fees on Amex transactions, whereas Square and PayPal do not. 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.
Priced right for small businesses
Approval is subject to eligibility criteria, including identity verification and credit review. 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. Deposit times may vary due to processing cutoff times or third party delays.
Does Wave use double-entry accounting?
- Another free software option to consider is FreshBooks, which lets you customize your invoice and accept online payments.
- 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.
- You can create one for each business and also maintain a personal profile where you can track your finances.
- Wave does not have live telephone support, although there is a number you can call if you have specific questions about the transactions on your monthly statement.
- Users can send a digital receipt to its customers once payment is completed.
Then we examine rates, the presence and transparency of early termination fees, and any additional fees. To evaluate some more payment processing options that offer online invoice payments, head over to our list of the best payment processing companies. 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. Accept all major credit cards so your customers can pay your invoices online, instantly.
While several accounting software services provide a free version of their software, the free version usually limits the number of users, number of invoices per month and integrations. While there are some limitations, Wave Accounting is very popular as a payment platform. Not only is it free, but the invoicing and recurring payments tools are full-featured—something merchants will have to pay for with beginning balances and closing entries on an income summary Stripe or Square. 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.