Larger teams with extensive payroll needs might consider the Pro Plan with add-on features offered by Wave Accounting, such as unlimited receipts, payroll, and bookkeeping. Wave is an accounting software that offers a straightforward pricing structure without multiple tiers. Financial operators use Wave Accounting to manage their accounting needs efficiently. Wave Accounting’s pricing structure is lower cost compared to its competitors and offers good value. This guide covers everything you need to know about Wave Accounting pricing, plans, and costs to make an informed purchase decision with confidence.
The platform offers enough features and add-ons to grow with your business, but it may be more complex than you need if you’re a one-person shop. The platform’s design is intuitive, so it’s easy for anyone to set up and use. Create customized invoices and estimate templates that align with your brand and save information about clients and services so you don’t have to re-enter the same information over and over each time you invoice. Square is a popular online and POS payment system for small businesses. It’s free to use, and you pay 1% per ACH transaction (minimum $1).
The following are common themes when it comes to user praise for the company. Wave offers a mobile app for Apple and Android that allows you to do things like send invoices on the go and initiate instant transfers to your bank account. If your bank account works with the platform, it’s a great way to get fee-free, instant direct deposit payments from individual clients just by sharing your username or email address.
Alternatives to 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. Plus you can add checkout links on your business website and social media profile so customers can check out without having to wait for an invoice. 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. Because it is free and only charges processing fees, it’s an affordable option for small businesses.
Do you provide customer support?
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. 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. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Wave also handles general finance management, and with the right third-party integrations, it can support CRM, ecommerce, and email marketing as well. Once each brand was ranked in each category, the Tech.co team compiled the scores into a single 5-point rating for each software, allowing them to be directly compared.
Platforms That Let You Accept ACH Payments
The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships. There are also a lot of positive reviews of Wave, particularly on GetApp and G2. While many of these positive reviews have to do with Wave’s software rather than its payment processing services, most software users do seem to use Wave’s payment processing.
By providing feedback on how we can improve, you can earn gift cards and get early access to new features. Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses. But over on GetApp, Wave earns an impressive 4.4/5 stars (1.6K reviews total) and they have a 4.3/5 on G2 (294 reviews). It may be the case, however, that Wave encourages its customers to post positive reviews on GetApp and G2 to dilute the bad ones. Also, notably, Wave charges higher fees on Amex transactions, whereas Square and PayPal do not.
- For more advanced needs, such as additional users and automated transaction imports, Wave Accounting offers a paid plan priced at $16/business/month or $170/business/year.
- Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
- In most cases, the businesses were unable to defend themselves and had to wait 120 days before any funds were transferred.
- QuickBooks Pro and Premier are two different plans available that offer very similar feature sets leading to much confusion.
- Wave’s integrated payment services allow your clients to pay you online right from the invoices you email them.
- Wave Payments supports remote, card-not-present transactions, Apple Pay, and ACH payments (EFT in Canada).
Common Businesses That Accept ACH 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. When Wave’s end-users choose to connect their bank accounts with Plaid, they are 5.6 times less likely to make a mistake resulting in a failed payment. Typical ACH payments take one to two business days to process, though ACH offers a same-day service that usually comes with a higher fee for the payer. Use a rent payment platform such as Avail to let tenants pay online through a bank transfer, and get the money deposited automatically into your account.
Most of Wave Accounting’s essential features, including accounting, invoicing, and receipt scanning, are available for free. However, certain advanced services like payroll and payment processing come with additional fees. The free accounting plan includes basic features suitable for freelancers and small businesses. For more advanced needs, such as additional users and automated transaction imports, Wave Accounting offers a paid plan priced at $16/business/month or $170/business/year. Approval to use online payments is subject to eligibility criteria, including identity verification and credit review. You’ll need to answer a few questions about your business and provide us with a little more information about yourself in order to get approved to accept online payments.
Wave is a well-rated payroll solution that offers a self-serve employee portal, time tracking and payroll processing for both employees and contractors. However, it doesn’t automate payroll or offer a mailing service for paychecks. Get more information about how it stacks up with our Wave Payroll review.
- Wave is an accounting software that offers a straightforward pricing structure without multiple tiers.
- Some payment services, including Zelle, offer instant bank-to-bank transfers via ACH (and other networks) without additional fees.
- While it lacks the advanced features found in its premium software, its free pricing model compensates for this, making it particularly appealing for those with limited budgets.
- However, it doesn’t automate payroll or offer a mailing service for paychecks.
Which platform provides better reporting and analytics capabilities, Stripe or Wave?
Learn how we stay transparent, read our review methodology, and tell us about any tools we missed. Help us to improve by providing some feedback on your experience today. As follows are some common user complaints and praise you’ll find online for Wave Payments.
Scheduling and Accepting Payments
ACH bank payments can take from two to seven days for funds to reach a business’s bank account. 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 and QuickBooks are two popular platforms for invoicing and accounting for small businesses. In this review of Wave vs. QuickBooks, we’ll look at how the services stack up, including their features, pros and cons, and which kinds of businesses can benefit from each. The cost of accepting ACH payments depends on the platform you (or the payee) use to facilitate it.
Stripe and Wave are two prominent contenders, each with distinct features and benefits. This article offers a detailed comparison of Stripe and Wave’s pricing and fees, as well as an wave ach fee analysis of the payment methods they support. This thorough assessment will assist businesses in making informed decisions that align with their financial and operational objectives. Overall, customers have found Wave easy to use and convenient for invoicing and accepting payments.
Wave deposits money into your connected bank account within two business days of payment. You’ll pay 2.9% plus $0.60 per transaction for Visa, Mastercard and Discover; 3.4% plus $0.60 per transaction for American Express; and 1% per transaction for ACH transfer from your client’s bank account. If you’re being paid by a company as a vendor through a platform such as Gusto or Bill.com, it might cost you nothing to accept an ACH payment. Companies typically pay a subscription fee to use their payment processor, which covers ACH transaction fees. Some payment services, including Zelle, offer instant bank-to-bank transfers via ACH (and other networks) without additional fees.
It also integrates with other Wave software to create a solid product for businesses that are looking for a simple way to invoice customers and get paid. Instant Payout is an additional service offered by Wave subject to user and payment eligibility criteria. The Pro Plan is suited for growing businesses that require more advanced financial features. It’s ideal for companies in industries like professional services and mid-sized retail. This plan offers full accounting, invoicing, receipt scanning, and advanced payroll management.
With over a decade of editorial experience, Rob Watts breaks down complex topics for small businesses that want to grow and succeed. His work has been featured in outlets such as Keypoint Intelligence, FitSmallBusiness and PCMag. If you don’t live in those states, Wave can still help by crunching the numbers to give you the correct tax information and money owed. Since this is less useful, the service will be $20 per month cheaper. Wave’s payroll service’s functionality is defined by whether you live in a state that allows a third-party service to file for you, or if you need to do it yourself.
