In order to receive your payment, you will now need to complete a brief application where we collect some information about you, your business, and your bank so we know where to send your money.
To access the application, log into Wave and click the Sales > 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 complete the set-up themselves as there will be an identity verification portion towards 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 into your specified bank account in 2 business days if it's a credit card, and 2-7 business days if it's a bank payment.
The deposit you receive will be the total payment less the associated processing fees (2.9% + 30 cents for credit cards, 3.4% + 30 cents for American Express and 1% for bank payments). For example, if you were paid $100 using a Visa, you would see a deposit amount of $96.80 (Wave will take care of recording the payment and bookkeeping the fees for you!)
What to do if Identity Verification fails: As you complete your application, the Identity Verification step will ask you a number of questions drawn from public records. Sometimes these questions seem odd or imprecise, and you may not give the exact answers that the system expects. If you answer a number of these questions incorrectly, don't worry because we'll ask you for a piece of ID to complete the set-up.