Wave Payments processing fees and timelines

Learn how to set up Wave Payments to start accepting payments directly on your invoices.

Wave Payments processing fees

Wave Payments processing timelines

How are processing fees calculated?

Payout processing cut-off times

Wave Payments processing fees

  Starter Plan Pro Plan
Visa, Mastercard, Discover* 2.9% + $0.60 2.9% + $0**
American Express 3.4% + $0.60 3.4% + $0**
Bank payment (ACH) 1% (minimum $1 fee) 1% (minimum $1 fee)
*Discover Card processing is only available to businesses in the United States. Visa, Mastercard, American Express and bank payments are available in both the United States and Canada.

 

**For the first 10 transactions per month. Additional transactions are processed at 2.9% + $0.60 (Visa, Mastercard, Discover) or 3.4% + $0.60 (American Express) each.

Wave Payments processing timelines

Businesses based in the United States
Credit cards 2 business days
Bank payment (ACH) 2-7 business days
Businesses based in Canada
Credit cards 1 business day
Bank payment (ACH) 1-6 business days

 

Bank holidays can affect your payout timelines. Learn about Holiday bank closure payout schedules.

How are processing fees calculated?

Wave Payments processing fees are calculated on an invoice-by-invoice basis. Wave automatically transfers payments you receive to your bank account minus processing fees. Credit card processing fees and deposit timelines are based on the card type, and do not change depending on how your customers choose to enter their details.

When you accept credit card payments, your customers can use Apple Pay or enter their card details manually.

You can always choose which payment type or types you accept. Learn how in Choose accepted payment methods for a single invoice and Change the default payment settings for all invoices.

Payout processing cut-off times

Your customers can make payments at any time. Payments made before 8 p.m. Eastern Time will begin processing that business day. If your customer makes a payment after 8 p.m. Eastern Time, on a weekend, or on a bank holiday, your payout will start processing the next business day. For example, if a customer makes an invoice payment at 8:30 p.m. Eastern Time on a Thursday, the payout will begin processing on Friday morning (as long as Friday is not a bank holiday).

To view the status of a payout, head to Banking > Payouts. Here you can see if your payout is still processing, along with an estimated payout date, or if it has already been completed.

If you have more questions about your payout and when it will arrive, open Mave, Wave’s automated chatbot, and type where is my payout? Mave will help collect any relevant details and direct you to the appropriate support. Learn how to open Mave in Get support with Wave.

Learn how Wave Payments makes bookkeeping easier by fully integrated with your accounting in Wave!