
Processing credit card payments with Wave is a breeze. You can accept credit card payments from customers, track your sales, and manage your cash flow all in one place.
Wave's credit card payment processing is integrated with popular payment gateways, making it easy to accept online payments. With Wave, you can also send invoices to customers and track payments in real-time.
Wave charges a flat rate of 2.9% + 30¢ per transaction, with no monthly fees or hidden costs. This makes it a cost-effective option for small businesses and freelancers.
By using Wave's credit card payment processing, you can save time and money, and focus on growing your business.
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At a Glance
Wave credit card payments offer a convenient way to manage transactions, but it's essential to understand the platform's features and limitations.
The Wave Payments platform is designed for self-employed individuals and small businesses, making it easy to accept online payments.
Free and paid plans are available, giving users flexibility in choosing the best option for their needs.
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However, the payment service provider (PSP) model can result in account instability, which may impact users' ability to process payments.
Here are the key features of Wave credit card payments at a glance:
- Easy-to-use platform for self-employed and small businesses
- Free and paid plans available
- Payment service provider (PSP) model can result in account instability
Cons
Unfortunately, Wave Credit Card Payments have some drawbacks that might make you think twice about using them.
One major con is that they have poor user reviews, which is a red flag for anyone considering signing up.
Another issue is that they don't offer phone support, so you'll have to rely on other forms of communication if you need help.
Wave Credit Card Payments also can't handle card-present payments, which means you'll need to find a different solution if you need to accept payments in person.
Here are the specific cons of Wave Credit Card Payments in a quick rundown:
- Poor user reviews
- No phone support
- No way to take card-present payments
Fees and Pricing
Wave's fees and rates are in line with industry averages, but you'll need to purchase a paid plan and add-ons to unlock all features. Wave's flat-rate processing fees depend on your plan, while other standard fees like ACH transfer fees don't vary based on plan.
The paid "Pro" plan offers lower payment processing fees for your first ten transactions each month. This can be a big advantage if you have a lot of small transactions.
Wave's standard transaction fees on the free Starter plan are lower than those you'll pay on the free Square Invoices plan, which charges 3.3% + $0.30 per invoice paid online. However, the PayPal Invoicing transaction fee is slightly lower, at 2.9% + 0.30.
Wave charges higher fees on Amex transactions, unlike Square and PayPal. This is something to keep in mind if you frequently accept Amex payments.
Here's a breakdown of Wave's processing fees:
Wave's Pro subscription unlocks additional features, such as discounted rates for online payments, automatic importing for bank transactions, and unlimited digital receipts. This can be a great value if you need these features.
Wave's pay-as-you-go model is a big plus, as it helps boost its score for pricing and contracts. However, it doesn't provide volume discounts, and there's a reversible $15 chargeback fee.
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Accounting and Integration
Wave Accounting Integration is seamless, allowing you to manage your financials and payments in one place. Wave Payments integrates fully with Wave Accounting, making it easy to track and manage your business finances.
You can also integrate Wave with other apps via Zapier, a powerful integration tool that connects Wave with dozens of merchant-friendly software options. These integrations include PayPal, Shopify, Square, eBay, and Stripe for ecommerce, as well as scheduling tools like Acuity and Calendly.
Wave's accounting features are free, but using their payroll tools comes with a monthly fee. However, you can still use the platform for payment processing without incurring this fee.
Accounting Integration
Wave Accounting Integration is seamless and convenient. Wave Payments integrates fully with Wave Accounting, making it easy to manage your financials in one place.
You can also integrate Wave with other apps via Zapier, which offers a wide range of integrations with merchant-friendly software. This includes PayPal, Shopify, Square, eBay, and Stripe for ecommerce, as well as Acuity and Calendly for scheduling.
Through Zapier, Wave can integrate with dozens of apps that give you enhanced business functionality. This means you can streamline your workflow and automate tasks, saving you time and effort.
Wave Accounting offers a free accounting software that can be used online, without the need to install any software locally. This makes it easy to access and manage your financials from anywhere.
Here are some of the key features of Wave Accounting:
- Invoicing — Create and send invoices for products provided and services rendered.
- Payments — Receive payments for your invoices online, via debit or credit card.
- Tracking — Track payments of your invoices.
- Payroll — Run payroll and pay employees.
- Receipts — Capture receipts and pay expenses.
- Accounting — Produce reports, track taxes, and financially manage your business.
Invoicing
Invoicing is a crucial part of managing your business finances, and Wave Accounting offers a seamless solution.
In Wave, you can create fully customized invoices from scratch or use one of their many professional-looking templates. These templates can be tailored to fit your business's branding, including your logo, name, and details.
You can also create estimates, which can be sent to customers and converted into an invoice once approved. This feature is completely free, making it a great option for small businesses.
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Wave's invoicing solution allows customers to pay by credit card, bank transfer (ACH), or Apple Pay, making it easy for them to settle their debts. You can view the status and details of all your invoices, or search for specific ones using filters.
Here are some key features of Wave's invoicing solution:
Overall, Wave's invoicing solution is a powerful tool that can help you manage your business finances with ease.
Payment Processing
Wave's payment processing is a bit more complicated than other platforms. Merchants need to undergo a separate application process to accept online payments, providing business and personal information for identity verification and credit review.
Wave charges a flat rate fee for online payment processing, with higher rates for American Express transactions. They also accept ACH payments at 1% per transaction, with a $1 minimum fee.
Here's a breakdown of Wave's payment processing fees:
- Monthly account fee: $0 (Starter) / $16 (Pro; $170 billed annually)
- Online credit card fees (Visa, Mastercard, Discover): 2.9% + 60 cents
- Online credit card fees(American Express): 3.4% + 60 cents
- ACH: 1% ($1 minimum fee)
- Chargeback fee: $15 (refundable)
- Instant payout: Not disclosed (typically 1% to 1.5%)
Note that Wave's fees are on the higher side, but businesses with higher monthly volumes may be able to save significantly with their pricing.
Payment Processing
Wave offers a payment processing system that's subject to eligibility, requiring merchants to undergo a separate application process for online payments. This involves providing business and personal information for identity verification and credit review.
The fee for online payment processing is a flat rate, with higher rates for American Express transactions. Wave also charges a fee for ACH payments, which is 1% per transaction, with a minimum fee of $1.
You can process sales with unlimited volume, but merchants with annual sales exceeding $1 million will need to enter into a special agreement with the card network or acquiring bank, Worldpay. This is a one-time agreement, not a recurring fee.
Wave's payment processing system supports credit card payments, ACH, and international payments, making it suitable for remote transactions. However, it doesn't offer B2B payment processing.
Here are the details on Wave's credit card processing pricing:
Wave charges a $15 chargeback fee, which is refundable. Note that this fee is higher than some other payment processors, and you may want to explore other options for higher monthly volumes or average transaction sizes.
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Deposit Speed
Deposit Speed is a crucial factor in payment processing, and it's essential to understand how quickly you can access your funds. It takes at least two business days for any form of payment to be credited to a merchant's bank account.
This delay can be frustrating, especially if you need to pay bills or cover expenses quickly. US merchants will need to wait at least 2 business days to receive their Wave funds in their business bank account unless they sign up for instant deposit.
Wave does offer instant payouts for an undisclosed fee, which can be a game-changer for merchants who need access to their funds right away. Merchants can also access their funds immediately from their mobile device, similar to PayPal Balance.
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Security
Wave's security features are top-notch, with high levels of security and strong encryption in place to protect your transactions.
The company is rated as a Level 1 PCI service provider, which is the highest level of security certification. This means your sensitive payment information is well-protected.
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Wave's fraud protection system is a robust one, combining internal risk assessment tools with third-party security and fraud detection service providers to minimize the risk of fraudulent transactions.
This system is not customizable, and Wave will contact its merchants via email for any chargeback claim, assisting them in submitting documents to counter the claim.
Wave's chargeback fee of $15 is refundable for merchants who successfully defend the chargeback, which can be a big relief for businesses.
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Contract Agreement
Wave's terms of service are pretty straightforward, making it easy for small businesses to understand their responsibilities.
The contract is available to most small businesses located within the US, as long as they're not high-risk and the representative signing up is of legal age.
Business owner information is collected, and Wave may request additional documentation to verify the business owner's identity.
Stipulations on fees for charitable organizations are outlined in the contract, which may be of interest to non-profit businesses.
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American Express rules and fees are also included, which may affect how you process payments with this card network.
Sales volume limits and rules by card networks and acquiring banks are specified in the contract, which may impact your business's payment processing capabilities.
Reserve funding and chargebacks are also covered in the contract, which is essential for businesses that accept credit card payments.
If you're interested in learning more about Wave's payment terms of service, you can visit their website to view the contract, which is in effect as of June 10, 2024.
International and Mobile
Wave's international payment capabilities allow merchants to process multi-currency transactions for credit card and ACH payments.
Merchants can specify the customer's local currency when creating an invoice, and Wave displays currency conversion rates.
Wave automatically tracks the difference in currency exchange rate and records it as a gain or loss for easy tax reporting.
Wave's mobile app helps merchants manage invoices and capture digital receipts on their mobile devices.
The app also allows users to access their funds instantly for purchasing or transferring to their linked business bank account.
Users can reconcile outstanding invoices with payments received, merge and categorize bank transactions, and automate payment reminders.
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International

International transactions are a breeze with Wave. Merchants can process multi-currency transactions for credit card and ACH payments. They can specify the customer's local currency when creating an invoice.
Wave displays currency conversion rates, making it easy to keep track of exchange rates. This feature is especially helpful when dealing with international transactions.
Wave automatically tracks the difference in currency exchange rate, from the time the payment was received to the time the amount was deposited to the merchant's bank. It then records the difference as a gain or loss for easy tax reporting.
Merchants can accept international payments via credit card or bank transactions using Wave Payments. This feature opens up a world of possibilities for businesses that operate globally.
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Mobile App
The mobile app is a game-changer for Wave users. It allows merchants to manage their invoices and capture digital receipts on their mobile devices, available for both Android and iOS.
With the mobile app, users can instantly access their funds for purchasing or transferring to their linked business bank account, similar to PayPal. This feature is a huge time-saver and adds a layer of convenience for business owners.
You can reconcile outstanding invoices with payments received right on the mobile app, making it easy to keep track of finances on the go. This feature helps prevent errors and ensures accuracy.
Merchants can also merge and categorize bank transactions, making it simpler to understand their financial situation. This level of organization is a must for any business owner.
Sales and Advertising
Wave has pretty excellent sales and advertising transparency, making it easy to understand what you can expect and what's expected of you as a Wave merchant. This is thanks to their Terms of Service, which features a "translation" of the legalese into plain, friendly language.
This level of transparency is particularly useful for Wave merchants, as it helps them navigate the terms and conditions of using Wave's services.
Sales and Advertising Transparency
Wave's commitment to transparency is impressive, especially in their sales and advertising practices.
They have a clear "translation" of their legalese into plain language, making it easy to understand their Terms of Service.
This approach helps Wave merchants know exactly what they can expect and what's expected of them.
Wave's transparency in sales and advertising is a refreshing change from the usual jargon-filled contracts.
Their Terms of Service are written in a friendly tone, making it a breeze to decipher their policies.
This level of transparency builds trust with their merchants and sets a positive tone for their business relationships.
Sales Account Management
Sales and account management go hand in hand, especially for small businesses. Wave Payments offers decent customer management and developer tools, but it falls short in some areas.
One major drawback is the lack of same-day deposits, which can be a significant inconvenience for businesses that need timely access to funds.
Additionally, Wave Payments doesn't support in-app chargeback management, making it difficult to handle disputes and refunds.
The mobile app can be used to manage invoices, but it's missing a POS function, which is a crucial feature for businesses that need to process transactions on the go.
Here's a summary of Wave Payments' sales and account management features:
Wave Accounting, on the other hand, offers a suite of services that includes invoicing, payments, tracking, payroll, receipts, and accounting. This comprehensive suite provides everything a small business owner needs to manage their finances.
Reviews and Ratings
Wave has a rather mixed bag of user reviews, making it tough to separate praise from complaints.
User reviews on TrustPilot and the BBB website are particularly low, with scores of 1.3/5 and 1.03/5 respectively.
However, Wave fares much better on GetApp and G2, earning 4.4/5 stars and 4.3/5 respectively, based on a total of 1.6K and 294 reviews.
Here are some key review site scores for Wave:
User Reviews
User reviews can be a great way to get a sense of how a product or service is really performing in the real world. Font Awesome Free 6.4.2 has a user review score of 3.1, with multiple genuine customer reviews available.
Customer feedback for Font Awesome Free 6.4.2 is overwhelmingly positive, with a 4.0 rating on customer feedback. The software provider has a commercial license and is owned by Fonticons, Inc.
Wave, on the other hand, has rather mixed user reviews. On TrustPilot, Wave has a score of 1.3/5, with 138 reviews total. On the BBB website, their score is 1.03/5, with 31 reviews total.
Some user reviews for Wave are extremely positive, with a 4.4/5 star rating on GetApp and 1.6K reviews total. They also have a 4.3/5 rating on G2, with 294 reviews.
Credit Card Processor Review
Merchant Maverick takes a thorough approach to evaluating and testing payment processors, placing emphasis on key characteristics to generate granular ratings for merchant accounts and credit card processors.
They use a 24-point rubric to evaluate each provider, giving the most points to those that offer fair and transparent pricing.
Pricing structure is a crucial aspect, with providers that offer interchange plus, subscription-based, or hybrid models scoring higher than those that rely on tiered models.
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Merchant Maverick also examines rates, early termination fees, and additional fees to ensure providers are upfront and honest about their costs.
Contract length and fairness are also taken into account, with providers that offer flexible and reasonable contract terms scoring higher.
Finally, Merchant Maverick tests sales staff and customer service channels to ensure providers use reputable and above-the-board sales techniques.
They also consider a provider's online reputation, reading customer reviews and comments to get a sense of their overall trustworthiness.
Here's a breakdown of the weighted rating system:
- Pricing structure: 6 points
- Rates and fees: 5 points
- Contract length and fairness: 4 points
- Sales staff and customer service: 3 points
- Online reputation: 2 points
This comprehensive approach helps Merchant Maverick provide accurate and reliable ratings for payment processors.
Ease Score
Wave's Ease Score is a mixed bag. Wave's platform is clean and well-organized, making it easy to navigate.
The biggest advantage of Wave is its free invoice and recurring billing tools, with no monthly fees or accounting plan subscription required. This is a significant perk for low-volume businesses.
Wave provides a detailed, step-by-step guide for setting up your payments and business profile, which is a huge plus for those who need help getting started. You can even pause the setup process and Wave will save your progress.
However, Wave lost points in my evaluation due to its limited customer support, which is only available during business hours. This may be a drawback for those who need help outside of regular business hours.
Wave also charges higher fees for American Express transactions, which is a drawback for businesses that accept AmEx.
Frequently Asked Questions
How long does it take for Wave credit card payments to process?
Wave credit card payments typically take 2 business days to process. Learn more about our payment processing timelines and estimated delivery times
Is Wave credit card closing down?
Yes, Wave credit card is closing down permanently, with the closure announced in October 2023. Check our previous updates for more information on this change.
How to Wave a credit card?
To use contactless payment, simply wave your Visa credit card over the reader at the cashier counter and follow the on-screen instructions. This will initiate the payment process and guide you through the next steps.
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