Wave Money is a free business bank account that integrates with your Wave account for easy bookkeeping and faster payments. It comes with no monthly fees and no minimum, and you can receive invoice payments instantly instead of waiting for a payment to process and hit your bank account. Wave is an up-and-coming contender in invoicing and payments software for small businesses.
Through Wave, you can onboard and pay employees and independent contractors via direct deposit. Wave also handles payroll taxes in 14 states, but all other states are self-serve (the platform continues to add more full-service states). In full-service states, payroll in Wave costs $35 plus $6 per employee or contractor per month. In self-serve states, the cost is $20 plus $6 per employee or contractor per month. Simply email your customers an invoice and they can use the secure “Pay Now” button to send over your payment. They get the flexibility of paying you via credit card, bank payment, and Apple Pay; you get a reputation as a polished professional.
- 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.
- Your billing and invoicing processes are also more streamlined and bills are processed and sent out in a timely manner.
- Approval is subject to eligibility criteria, including identity verification and credit review.
- Unlike a majority of its competitors, Wave does not have a comprehensive mobile app.
- In addition to creating invoices, Wave gives users the ability to create estimates for potential clients.
Discover our PRO Plan
QuickBooks expense tracking lets you automatically capture information from receipts and track miles, features that make QuickBooks more flexible for a variety of businesses. Get paid in 1 to 2 days1, enhance your brand, and look professional when you enable Wave’s online payments feature. Accept most credit card payments for 2.9% + $0.60 per transaction, or 3.4% + $0.60 per AMEX transaction. That’s not the case with Wave—it provides one plan with an unlimited number of users, invoices, credit card connections and reports for free. While users never pay a monthly fee, they will have to pay a credit card processing fee of 2.9% plus 30 cents per transaction if they use Wave to process credit card payments. This fee can vary depending on the type of card the customer uses.
Create your first invoice in seconds.
Your full disclosure definition billing and invoicing processes are also more streamlined and bills are processed and sent out in a timely manner. Both Wave and QuickBooks have the option to add payroll capabilities to your account for an additional fee. Both Wave and QuickBooks offer solid invoicing features and capabilities for small businesses. According to Visa, MasterCard and American Express merchant rules, merchants generally cannot charge a service fee when customers use their credit card.
Expense Tracking
Approval is subject to eligibility criteria, including identity verification and credit review. Payments are a pay-per-use feature; no monthly fees here! 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 t2125 fillable form 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.
What’s the difference between QuickBooks Pro and QuickBooks Premier?
Customers can pay instantly by credit card or Apple Pay when they view the invoice online. Unlike a majority of its competitors, Wave does not have a comprehensive mobile app. While it does offer a free iOS and Android app, the app is limited in the number of features and functions.
We built our Payroll tool for small business owners, so it’s easy to use AND teaches you as you go. Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay. You’ll receive the money in your account in 1 business day (Canada), or 2 business days (US)1. With why would a cash account have a credit balance Wave, you get guaranteed, easy-to-understand low rates and no hidden fees, period. Pay 2.9% + 30 cents per transaction, with no surprises.
