Wave is the best free accounting software in the market. Small businesses should learn about Wave to evaluate the features or performance of Wave payment. Wave has built a reputation as one of the leading accounting services for freelancers and small business owners. The integration of Wave payment extends its support to sharing invoices and receiving payments. Doesn’t it sound like a paid service? You pay nothing for accounting and invoicing. You pay a fee for payment processing. Hoorah! How much are the Wave payment fees, and is it worth?
Small businesses using Wave loved the payment processing option. Someone not using Wave for accounting purposes may complicate things by comparing it with Payment Service Providers (PSPs). You should never compare cross-industry service providers. Look for overall benefits rather than focusing on a single aspect. There is no way you can pit Wave Payment against PSPs. The purpose is defeated there.
Merchants can set recurring payments using the portal. You can also share payment buttons or payment links using your social media accounts. You should know about these features if you had PSP kind of expectations. Wave accepts the following types of payments:
- American Express
- ACH transfers
Business owners find Wave payment fees attractive to run operations without the hassle of learning a new system. It becomes about convenience. You don’t want to opt for a service that doesn’t integrate with the existing system. Or it integrates, but you have to switch between the two of them. Wave payments offer a seamless transaction experience for businesses and consumers.
Wave Payment Fees: Transparency Transpires Everything
Wave payment fees are a flat-rate pricing model. Top Payment Service Providers (PSPs) have popularized it among small businesses. It serves freelancers and small business owners. They have a limited number of transactions every month. It is a no-brainer fee structure that keeps things simple for first-time entrepreneurs. You don’t have to worry about associated factors such as interchange fees, transaction amount, or transaction type. Invoice a client, receive the payment, and invest in your business. Having the best resources turns you productive at tasks often considered clerical or technical.
Wave Payment Fees (Credit Cards)
- Visa, Discover, & Mastercard: 2.9% + $0.60
- American Express: 3.4% + $0.60
- ACH transactions: 1%/transaction (Minimum $1)
Key Difference Between Wave Payment and PayPal
Wave is an accounting-first service. PayPal, in this case, is an industry leader in online payments. Businesses use PayPal for international transactions and multiple currency conversions. Did you get why we refrained from putting an accounting service and payment solution service in opposing corners? They specialize in different fields. It is about business requirements. Small businesses using Wave would never think of any other service. They’re better off comparisons.
Why Wave Payments and QuickBooks Payments is a Fight among Equals
Entrepreneurs having access to QuickBooks Online use QuickBooks Merchant Services Payments. They would not fancy the idea of shifting to Wave for accounting or payment processing needs. Wave charges no fee for accounting and invoicing services. Wave payment fees are transaction-based. There is stiff competition. One could argue QuickBooks Payments are a clear winner as they have significantly lower rates. It is a valid point. Wave accounting and invoicing are free, whereas QuickBooks Online has different pricing options.
Anyone looking to select accounting software should compare the two services and consider the costs involved with payment processing. It doesn’t seem the users of both service providers would change their minds. They don’t have much to pick in a broader sense.
Wave Payment Fees: How to Increase Efficiency
Who doesn’t like integrations? When Wave payment is in-built into the Wave ecosystem, you have more reasons to use it. You have embraced Wave accounting and invoicing. Know how you can improve operations by using Wave payment.
- Sending invoices through the app helps track the payments accurately. In today’s time, you need to have multiple payment methods. Your customers would pick the one that suits them and offers convenience. Is it about customers? Merchants can manage records as they have one unified dashboard to monitor proceedings.
- The ease of generating invoices, sharing, and receiving payments meets the expectations. Wave payment isn’t about payments. Is it? Business owners can manage everything related to finances without expert help. Isn’t it a time-saving and money-saving option?
- Small businesses endorse innovative payment solutions. Wave payment offers a recurring billing feature. Merchants don’t have to invest in a third party to manage subscriptions. It shows the company takes payment processing seriously.
Merchants look at the overall benefits. They don’t hold the subject limited to whether the Wave payment fees offer the best rate. It is where the conversation loses its charm. You have an accounting service enabling payment processing to take customer service experience to the next level.
Is the talk of Wave payment fees a progressive way of looking at the network? Small businesses expect a simple and no-frill kind of experience. They would like to check Payment Service Providers some other day. What they must ask is how they increase productivity and stay business focused. Wave payment is an ideal resource for businesses already using Wave for accounting needs.