Instant payouts allow you to receive payments almost instantly, even on weekends and holidays. This feature is available through Wave's online payments feature once you meet the eligibility criteria. Below are answers to common questions about instant payouts.
If you’re using Wave's online payments feature, Wave enables instant payouts automatically when you become eligible. Wave determines eligibility based on a series of criteria, and no additional signup is required. When you become eligible for instant payouts, Wave notifies you by email.
How can I tell if I’m eligible for instant payouts?
Once eligible, your instant payout balance will appear in your account. On the left-side menu, click Banking > Payouts to view your balance or receive a payout.
How do I set up my debit card for instant payouts?
- Click on your business name at the top right and select Business settings.
- On the Settings menu, select Banking > Payouts.
- Enter card details:
- For the United States: Provide your Visa or Mastercard debit card details, along with the address on file with your bank.
- For Canada: Enter your Visa Debit card details or use RBC and TD debit cards with a PLUS logo.
Why do I get an error message when adding my card?
There may be a compatibility issue with your card.
- For the US: Wave supports most Visa and Mastercard debit cards
- For Canada: Wave supports most Visa Debit cards as well as RBC and TD debit cards
If your card is not accepted, consider using a card from a different bank, or contact your bank for more information.
Why do I have to provide my debit card number for instant payouts if Wave already has my bank account details?
Wave requires your debit card number because it utilizes card networks (Visa and Mastercard in the US, and Visa and PLUS in Canada) for instant fund transfers, unlike standard payouts that use bank account numbers.
How is the instant payout fee calculated?
If your customer pays you $1,000 by credit card, the processing fee of 2.9% + 60 cents is deducted, leaving you with $970.40. The instant payout fee is 1% of this amount, totalling $9.70. After this fee, you would receive $960.70.
The instant payout fee is deducted from your payout amount, so there will be no separate charge to your debit card.
How long before the money arrives in my bank account? Is it really instant?
Most banks support instant funding and you can expect to see funds in your account within seconds. However, it may take up to 30 minutes with some banks.
How do I update my debit card for instant payouts?
Click on your business name at the top right corner, then select Business settings. Under Payouts, you can update your card information at any time.
What's the minimum amount that I can take as an instant payout?
You must have a minimum balance of $25 to accept an instant payout.
I have upcoming payouts and had an available instant payout balance earlier, but it now shows $0. Why?
Every day at 8 p.m. Eastern, Wave processes payments received in the past 24 hours. If your balance shows $0, it may be due to daily processing or payment cutoffs.
For example, if you receive a payment before 8 p.m. Eastern on a Monday, you have until 3 p.m. Eastern on Tuesday to withdraw your available balance. If you receive a payment after 8 p.m Eastern on a Monday, this would process on Tuesday to be available until Wednesday at 3 p.m Eastern.
The only exception is if a payment is received after 8 p.m. Eastern on Thursday as payments don’t process on weekends. You have until 8 p.m. Eastern on Sunday to accept this instant payout.
Will all invoice payments be eligible for instant payouts?
Not all invoice payments qualify for instant payouts. If you don’t see an available balance, your payment will follow standard processing times.
What if I forget to accept an instant payout?
You can automate the acceptance of instant payouts based on a scheduled time. If you have an available balance, funds will be sent automatically at your pre-set time. Learn how to Schedule automatic instant payouts.
How do I bookkeep instant payouts?
Wave automatically manages the bookkeeping for instant payouts. Learn more about this feature in Automated bookkeeping with online payments.
What if I have an issue with an instant payout?
If you encounter issues, open Mave, Wave’s automated chatbot, and type "I haven’t received my instant payout." Mave will help you gather relevant details and direct you to support resources. Learn how to open Mave in Get support with Wave.