Receiving Your First Deposit
You just got paid - right on!
In order to receive your payment, you will now need to complete a very brief application where we will collect some information about you as the business owner; about the business; and, of course, banking details to tell us where to send your money!
When specifying the bank account where you’ll want to receive deposits, please ensure the Routing Number is specifically for ACH transfers as some banks use different Routing Numbers for different deposits
To access the application, simply log into Wave and click the Sales > Credit Card Payments tab along the left side menu, then click Continue Setup. The application will take approximately 10 minutes to complete.
We recommend that the owner of the business completes the setup themselves as there will be an identity verification portion toward the end of the application.
Once this application step is complete and your account is fully active, you can expect your first payment to deposit to your specified bank account after 5 business days. If you receive any other payments within the first 3 business days these will also all be deposited in bulk on the 5th business day.
The deposit you receive will be the total payment less the associated processing fees (2.9% + $0.30 per transaction). Eg. If you were paid $100 you would see the deposit amount of $96.80. (Wave will take care of recording the payment and bookkeeping the fees for you - there’s no extra work for you!)
What to do if Identity Verification fails: As you complete your application, the Identity Verification steps will ask you a number of questions drawn from public records which you might be expected to know. Sometimes questions seem ‘odd’ or imprecise, any you may not give exactly the answers the system expects. If you ‘fail’ identity verification, simply let our Payments Support Team know and we can help with next steps.