Over the next several weeks, Wave is updating our online payments experience. As we update, some customers might require a review of their payment account information. This is a standard step as a provider of regulated financial services to ensure compliance with federal regulations.
If you received an email and an in-app notice to update your information, please review and update any necessary information using the link provided by the specified date to avoid interruptions to your payments.
Why do I have to update my online payment details?
Wave is investing in a new infrastructure to bring you a better online payments experience and help us deliver new features to support your business. As a provider of financial services, Wave is obligated to comply with regulations and ensure our customers’ online payment information is regularly up to date and secure. We ask our customers to update or review their information from time to time to keep compliant.
Once you submit your information, there will be a short pause in payment processing while your information is processed. Once your information is updated, you’ll be able to continue accepting online payments again.
What happens if I don’t update my online payment information?
Some accounts will require quick reviews to ensure all information is up-to-date. This should only take a few minutes.
If you do not update your online payment information within 45 days of receiving your notice for updates, your payments will be temporarily paused. A banner in-app at the top of your Wave account will notify you that your payments will be paused.
You can update your information at any time to reactivate and continue processing your payments.
I’ve updated my online payments information. How long will it take for me to be able to use online payments again?
While we can’t guarantee an exact time for information processing, approvals should happen shortly after submission. If additional updates, corrections, or further reviews are needed, this can impact the timeline.
I received an email and an in-app notice that Wave is requesting more information. What happened?
You’ll receive a notice if there are any issues with updating your account. This can happen for many reasons, such as the information was input incorrectly or did not match the system.
Follow the directions in your email or review the directions in-app for updates required. If you have any issues updating your online payments information, our Support team can help. To reach them, open Mave, Wave’s automated chatbot, and request a Support Agent.
What will happen to my data?
Your data will be kept secure with Wave. For more information on privacy and security, please review our Terms of Service. Your information will be updated through a secure site that enables Wave to update your account information successfully.
You will continue to have access to your current payment information and payments-related bookkeeping.
Will this impact my existing payments?
For the majority of our customers, there should be no interruption to your existing workflow and payment processing. You will receive an email with the subject line “Action required: please verify your payment details”.
If you do not update your information as requested by the provided date, your online payments will be paused. You will also see a prompt in-app notifying you of this and how to complete the outstanding actions required to continue using payments.
While your payment details are being updated and verified, accepting online payments will be temporarily paused. The verification process should be relatively quick, but if any additional information is required, we ask that you make updates in a timely manner to ensure there is no interruption to your payments experience.