Best Free Invoicing For Small Businesses Wave Financial

Wave and QuickBooks offer comparable features for invoicing but the QuickBooks suite of services goes far beyond what Wave offers, so it can better grow with bigger businesses. Wave and QuickBooks are two popular platforms for invoicing and accounting for small businesses. For all other card brands except American Express, Wave charges 2.9% + 60 cents per transaction. Payments received with an American Express card are charged 3.4% + 60 cents.

  • We hope this article gives you the basic info you need to start tracking your loan in Wave!
  • Wave’s bank payments option (ACH in the US, EFT in Canada) is like paying by cheque, but without the hassle.
  • Overall, Wave is a small business-friendly payment processor.
  • We also gave points for stored payments and Level 2 and 3 processing for B2B sales.

Monitor your cash flow, stay organized, and stop sweating tax season.

Wave Payments VS QuickBooks

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. 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 charges a flat rate fee for online payment processing with an additional 0.5% for AmEx transactions.

Automate overdue reminders and credit card payments to reduce friction and focus on the work. Quickly create and send unlimited invoices, look like a pro with customizable templates, and get paid fast with online payments. Wave Payments also connects with Wave Accounting for reporting features. Small businesses can view a breakdown of deposits as well as reports on paid and unpaid invoices, which payments are still processing, and more.

Online payments = 
on-time payments

As a payment processor (facilitator), Wave does not have an application process, but merchants still need to provide their business information to set up an account. You will also need to provide your business banking information to set up the payment methods. Once this is done, you can start sending invoices and accepting payments.

Setup & Application

Overall, customers have found Wave easy to use and convenient for invoicing and accepting payments. They like the mobile app and dashboard features, along with the ability to make professional, branded invoices. Additionally, customers have found the payment processing aspect flexible and well-priced for the features they get. Instant Payout is an additional service offered by Wave subject to user and payment eligibility criteria.

My business credit cards give me rewards based on a percentage of total charges not rewards on specific expenses so I’m not sure how to classify these. Sounds like the difference between nonprofit and tax you don’t have a credit card account set up on the liabilities. By trying to transfer I assuming Wave is trying to find an appropriate account to transfer to.

Wave Payments Calculator

Locate the line matching the transaction for the other side of this transfer. In the Category 2 dropdown menu, select Interest Expense, and enter $5 into the Amount box. After you select this, Wave will automatically show you the options to select which transaction this relates to . Enter in your business details including your legal name, business type, Employer Identification Number , and details on the products or services you sell. QuickBooks Online, our Editors’ Choice winner for small business accounting, would serve them much better in this regard and numerous others. It’s a comprehensive service whose features, functionality, and user experience surpass those of any competing accounting service.

Enjoy customers paying you 3X faster when you enable online payments

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. First, it offers a completely free use of its invoicing and recurring billing tools—and these are not basic features.

It also comes with a combination of built-in and third-party fraud detection/ fraud prevention tools and analytics to protect merchants from fraudulent transactions. This score took into account sales tools like customer management features, BNPL, fraud prevention, and developer tools for customizations. We also considered deposit speed, giving the most points for same-day processing, and customer service.

They get the flexibility of paying you via credit card, bank payment, and Apple Pay; you get a reputation as a polished professional. Unlimited invoicing, accounting, and expense tracking are included, 100% free. 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. Our partners cannot pay us to guarantee favorable reviews of their products or services. We believe everyone should be able to make financial decisions with confidence.


It turns out that QuickBooks also does payment processing through Intuit’s QuickBooks Payments brand. 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. Wave uses a flat-rate pricing model similar to what you’d find with Square, Stripe, or PayPal. That means card payments are processed at the same rate, regardless of interchange fees, type of transaction, transaction size, or volume.

Customize invoice schedules for recurring customers and charge your clients’ cards automatically. Customers can pay by any major credit card, right from the invoices you send them. Once you’re approved, you can turn payments on or off for any invoice, or pick default settings for all invoices. See invoice summaries, tap into business reports, receive payment notifications and more using our highly-rated, free mobile app, available on iOS and Android. Quickly build project estimates and professional invoices that reflect your business.

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