[Limited Release] Everything you need to know about Instant Payouts

Tired of waiting for your money? With Instant Payouts, you’ll be able to push funds to your bank account via your Visa or Mastercard debit card and receive the money nearly instantly, even on evenings, weekends, and holidays.

How do Instant Payouts work?

Regular payouts send money via traditional banking methods, but Instant Payouts pushes money to your bank account using the Visa and Mastercard networks. This means you can get paid without having to wait the standard 2 business day timeline.

How do I use it?

In your Wave account, navigate to Banking > Payouts to see your available Instant Payout balance. You can choose to withdraw the entire available balance or any smaller amount above $25. You’ll receive the amount you choose to withdraw, less the 1% Instant Payout fee, within 30 minutes.

FAQs

How do I become eligible for Instant Payouts?

Wave determines eligibility for Instant Payouts based on a series of criteria that allow us to expedite payment settlement on your behalf.

How do I set up my debit card for Instant Payouts?

Go to Settings > Banking > Payouts and enter your Visa or Mastercard debit card details. We will confirm the card’s compatibility soon as you save the card.

Why do I have to provide my debit card number? Wave already has my bank account details.

In order to send you your money instantly, Wave uses card networks (Visa and Mastercard) to push funds to your bank account. You can enter the debit card details from the same bank account you use for Wave Payments or the debit card for a different bank account. The card must be a Visa or Mastercard debit card.

Wave will verify your card’s compatibility soon as you enter and submit the details.

What’s the fee for an Instant Payout? What will my total fees be?

A 1% Instant Payout fee will be applied to the amount you withdraw from your available balance. Instant payout fees are separate from the Wave Payments processing fee which is incurred on your invoice payments.

For example, if your customer paid you $1,000 using their Visa, you would have $970.70 available for withdrawal ($1,000 less 2.9% + 30 cents).

When you withdraw $970.70 with an Instant Payout, after the 1% fee, you will receive $960.99 in your bank account.

How long before the money arrives in my bank account? Is it really instant?

Most banks support instant funding and you can typically expect to see funds in your bank account within a few seconds. Funding can take up to 30 minutes with some banks.

I entered my debit card details incorrectly. What do I do?

You can update your card details at any time under Settings > Banking > Payouts.

I get an error message when adding my card. What does that mean?

Wave supports most Visa and Mastercard debit cards. However, some cards are not yet compatible with the technology behind Instant Payouts. Try using a card issued by a different bank.

I have upcoming payouts, but my Instant Payout available balance shows $0. Why?

Your Instant Payout available balance is based on payments received over the last 24 hours (since 8:00 PM last night). Every day at 8:00 PM Eastern Wave batches all payments received in the last 24 hours into standard two business day payouts.

After these payments are batched at 8:00 PM, Wave will keep the Instant Payout balance available to you until the following day. The cutoff for this balance availability is 3:00 PM Eastern.

Friday cutoff exception:

The Friday cutoff extends throughout the weekend until Sunday night, meaning your Instant Payout available balance accrues until 8:00 PM Eastern on Sunday. You can take an Instant Payout until this cutoff.

What if I forget to accept an Instant Payout?

There's no need to worry about forgetting because you can set your Instant Payouts on an automated acceptance schedule. If you’ve received payments from your customers that contribute to your available Instant Payout balance, we’ll send your money to you automatically at your pre-set scheduled hour. To add a schedule, navigate to Banking > Payouts in your Wave account and click Set schedule under your available Instant Payouts balance.

What if I want to manually accept an Instant Payout before my scheduled time?

Scheduling your Instant Payouts doesn’t take away from your ability to manually accept them. If you have an available balance and need the funds right away but you haven’t reached the scheduled time yet, you can still manually accept the Instant Payout to receive your money.

What if I don't want to accept my entire balance every time an Instant Payout is available?

With the ability to set limits, you can set a maximum to how much is paid out on a daily basis.

Not all payments received on my invoices have an Instant Payout option. Why?

Wave is still refining our eligibility criteria. Eligibility is determined based on a number of elements including invoice dollar amount and invoice status.

What's the minimum amount that I can take as an Instant Payout?

To accept an Instant Payout, you have to have a minimum balance of $25 available to you.

Was this article helpful?
82 out of 105 found this helpful