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

As they say, time is 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 even when the banks are closed.

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.

Why don’t I see an Instant Payouts option in my account?

Right now, Instant Payouts is a limited release. This allows our product team to make sure everything is working perfectly before we offer a service more widely.

FAQs

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

Click the Instant Payouts button on the Payouts page, or under Settings > Payouts. You’ll be asked to enter your debit card number and expiration date, and the security code on the back of the card (CVV).

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 credit card networks, which are separate from your bank’s network. You can enter the card number for the same bank account you use for Payments by Wave or a different bank account, as long as your card is a Visa or Mastercard debit card.

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 Payments by Wave processing fee which are incurred on your invoice payments. 

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

The 1% instant payout fee would leave you with 960.99 to withdraw.

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 couple of minutes. Funding can take up to 30 minutes with some banks.

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

For your security, Wave doesn’t store your card information. If you’ve entered some of your details incorrectly, you’ll need to re-enter the card number, expiration date, and CVV number.

Is there a limit to how much money I can take out as an instant payout?

You are limited to one instant payout every 24 hours; however, an instant payout is not limited to one invoice. If you have multiple paid invoices, your payout can reflect the balance of the total funds available. The minimum amount you can withdraw using Instant Payouts is $25.

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