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?
- When a customer has the option of paying by credit card, invoices get paid in 2 days or less on average.
- When invoices are paid using Wave Payments credit card processing, all of your accounting and invoicing records get updated automatically and you get to sit back and watch the magic happen.
How to set up your Payments account
When you're ready to start receiving payments from your customers, head over to the Payments page (Sales > Payments) in Wave to start your application.
- Enter in your business type.
- Enter in your business details including your legal name, business type, Employer Identification Number (EIN), and details on the products or services you sell. Click Save to continue on to your personal details.
- Enter in your personal details which include your name, home address, phone number, date of birth and SSN/SIN. Enter this information and click Save to continue on to your bank details.
Why do we ask for these details? In order to keep our services and our partners secure, and to combat fraud and money laundering, Wave is legally obligated to collect certain information about the businesses using our services. Information we collect includes details about your business (like the legal name of the business entity) and information about you personally (like your SSN). This is industry-standard: All payment processors will require you to submit the same information.
- Wave will ask you to enter in your banking details so that we can transfer money to you when your invoices have been paid. If you can't find your financial institution when searching, you can enter your details in manually. (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.
- 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.
- 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.
- 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.
- Choose the type of ID you are uploading. Wave will give you the option to take a picture of your ID using your webcam, or upload an existing image of your ID. If you’re using a webcam, Wave will open your webcam and allow you to take the picture. If you’re uploading an existing image, click Choose file and find the document. Click Continue to begin the upload.
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 we reach out to you for more information.
Fees and availability
|COUNTRY||CREDIT CARD FEE||AMEX FEE||BANK PAYMENT FEE|
|USA||2.9% + 30 cents||3.4% + 30 cents||1% (minimum $1 fee)|
|CANADA||2.9% + 30 cents||3.4% + 30 cents||1% (minimum $1 fee)|