Payments (Credit Cards)

One of the most popular features in your Wave account is the ability to accept credit card payments on the invoices you send. What makes it so awesome?

  • Invoices get paid in 2 days or less, on average, when the customer has the option of paying by credit card.
  • When invoices are paid using the Payments by Wave credit card processing feature, all of your accounting and invoicing records get updated automatically. You just sit back and watch the magic happen.

Getting set up happens in 2 stages. Briefly:

  1. Turn on Payments. That takes only a few seconds, and you can immediately start accepting invoices.
  2. Set up the rest of the Payments account so that Wave can transfer money to your bank account. You can do this right after turning Payments on, or you can wait until you receive your first payment.

Here are the details:

How to turn on Payments

There are a couple of ways you can turn on Payments.

  1. When creating an invoice, click the Turn on Payments button at the top of the invoice page. 
  2. Look for a Payments or “Accept Credit Cards” message inside Wave, or click Settings and select Payments.

In either case, once you agree to the terms and click the “Turn on credit card payments” button, you’ll instantly be able to send invoices that get paid by credit card.

It really is that simple.

How to set up your Payments account

After your first customer pays by credit card, you’ll get an email telling you that you can now accept payments. Click the link in the email to get started.

  1. Go to the Payments page in Wave.
  2. Click the Complete your payments setup button.
  3. Wave will prompt you for information about your business, including your legal name, business type, Employer Identification Number (EIN), and details on the products or services you sell. Enter this information and click Save and continue to personal details.
  4. Wave will prompt you for personal information, including your name, home address, phone number, date of birth and Social Security number. Enter this information and click Save and continue to credit card statement.
    Why do we ask for these details? When we move money for our customers, Wave is legally obligated to collect certain information about the businesses using our services, in order to keep our services and our partners secure, and to combat fraud and money laundering. Information we collect includes details about your business (like the legal name of the business entity) and information about you personally (like Social Security number). This is industry-standard: All payment processors will require you to submit the same information.
  5. Wave will prompt you for your business name again. This time, we need the version of your business name that will appear on your customer’s credit card statements. If your customers know you by something other than your legal business name (for example, maybe your legal business name is “8675309 Inc.” but your customers know you as “Home Renos 4 U”), make sure you use the name they know. Once you’ve finished, click Save and continue to bank details.
  6. Wave will prompt you for your routing number and account number, so that we can transfer money to you when your customers have paid. (If you don’t know where to find this information, don’t worry — Wave will show you.) Enter this information and click Save and continue to identity verification.
  7. Wave will present you with some questions to verify your identity. These questions will vary depending on location. Answer the questions and click Submit answers and continue.
  8. Next, Wave needs to verify your identity with a piece of government-issued identification (such as a passport or driver’s licence). Click Start verification to begin this process.
  9. Choose the country that issued the ID and the type of ID you are presenting.
  10. Wave will give you the option to take a picture of your ID using your webcam, or upload an existing image of your ID. Click on either Use webcam to scan a document or Upload existing document, depending on your preference.
  11. If you’re using a webcam, Wave will open your webcam and allow you to take the picture.
  12. If you’re uploading an existing image, click Choose file and find the document. Click Continue to begin the upload.
  13. Once your identity has been verified, Wave runs through some technical processes to get you approved and set up. There’s nothing more for you to do unless you hear from us, but the work on Wave’s end usually takes a week. Therefore, your first transfer (the first occasion that Wave deposits money in your account) may take up to a week after you receive a payment from a customer for the very first time.  After that, you’ll generally receive your money 2 business days after your customer made the payment (in the United States, Canada or Australia; in other countries, transfers may take up to 7 business days.)

Fees and availability

COUNTRY RATE PER TRANSACTION
USA and Canada 2.9% + 30 cents
United Kingdom, Ireland, France, Germany, Spain, Belgium, Finland, Luxembourg, The Netherlands, Austria, and Italy 1.4% + 20p/25 Euro for European cards 2.9% + 20p/25 Euro for non-European cards
Denmark and Sweden 1.4% + 1.8kr for European cards 2.9% + 1.8kr for non-European cards
Norway 2.4% + 2kr for Norwegian cards 2.9% + 2kr for non-Norwegian cards
Australia 1.75% + 30 cents for Australian cards 2.9% + 30 cents for non-Australian cards and American Express
Japan 3.6%
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