On November 17th, 2016, Wave will de-activate its integration with Stripe in the US. From that date, any card payments against invoices that you have issued through Wave will need to be accepted through Payments by Wave.
This change has no effect on your Stripe processing account. If you also use Stripe to process payments through other channels - e.g. your website, or the Stripe dongle - you will be able to continue those uses unchanged.
Your Questions Answered
Why should I switch to Payments by Wave?
Your current Stripe-powered payment service will be discontinued effective Nov 17, 2016. In order to continue accepting credit card payments for your Wave invoices, you’ll need to switch to Payments by Wave.
We built Payments by Wave two years ago and since then it has grown to become the service of choice for 97% of all payments processed on Wave. It is built directly into the Wave ecosystem, which differs from the previous third-party integration provided through Stripe. This means that you will be able to manage all payments directly within your Wave account such as issuing refunds. You will also be able to see your upcoming bank transfers matching all of the payments you have received.
Additionally, with more comprehensive information at our disposal we are also able to provide direct support - which includes phone and chat support for all your Wave products - should you have any questions about the new system!
What happens if I don’t switch by November 17, 2016?
If you have not switched to Payments by Wave by this date, your customers will no longer be able to pay your Wave issued invoices online. All other aspects of Wave will continue uninterrupted.
If you complete the switch by Nov 17th, you will have immediate access to all the features and benefits of Payments by Wave! You will not experience any disruption with receiving payments and it will be business as usual for both you and your customers!
Will my fees increase?
No. All Payments by Wave transactions benefit from the same low, flat and transparent rate of 2.9% + 30¢.
How fast do I get my money?
Nothing changes here either. All credit card payments will be transferred to your bank account in 2 business days.
Do I have to switch?
Yes, if you want to continue accepting credit card payments on your invoices in Wave after Nov 17th you have to make the switch.
Why are you no longer supporting a Stripe integration?
We made the decision over two years ago to build our own payments platform to provide a more integrated experience for accepting payments on Wave invoices. Today over 97% of all credit card payments are processed by Wave and we are able to provide our customers with better customer support, proving both direct phone support and in app chat. Unfortunately after two years we can’t justify supporting two separate payment processing platforms.
My Stripe account is connected to my website and other applications such as Shopify. Can I continue to use Stripe with those services?
Yes! The switch will not affect any Stripe integrations outside of Wave.
What will happen to my Stripe account?
Switching to Payments by Wave will disconnect Stripe from Wave, but will not change anything else about your Stripe account. This means you can continue using your Stripe account and all it's functionality outside of Wave just the same as you are now! All other apps connected to your Stripe account will be unaffected by the change and can be managed directly through stripe.com.
Will my Stripe account be closed?
No. Your Stripe account will simply be disconnected from Wave, but will remain open and active to process payments with any other applications that you use Stripe with.
How does the switch work?
Once you click the "Switch Now" button and agree to the Terms of Service, all your invoices will be immediately switched over to Payments by Wave. Once you receive your first payment you can click the Payments tab along the left side menu in your Wave account in order to complete a short application form and specify which bank account you'd like your money deposited into. If you'd like to complete the switch right away, you can send an invoice for $1 to us at email@example.com which we will pay in order to kick-start this process. We will prompt you with instructions throughout the process.
What happens to my old invoices if I do not switch?
After Nov 17th, your customers won’t be able to pay these invoices online through Wave using a credit card. The same will apply to any new invoices you create. Rest assured that all existing and new invoices will still be available to your customers to view online.
What happens to my old invoices when I switch?
Once you have completed the switch to Payments by Wave, all payments will be processed on Payments by Wave regardless of when the invoice was created. Any invoices that are outstanding and enabled to accept credit card payments will be automatically switched over as well.
When I switch to Payments by Wave, what happens to my customers credit card details I have saved in Wave?
We take care of that too. When you switch to Payments by Wave, all your existing customers’ saved credit card details will be there waiting for you! There's absolutely nothing you need to do to transfer these credit card details over.