Frequently asked questions about Instant Payouts

If you receive a payment and you don’t want to wait for your deposit to process, Instant Payouts can push funds to your bank account nearly instantly even on weekends and holidays. Read on for answers to frequently asked questions.

If you’re using Wave Payments, 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 already eligible for Instant Payouts?

Once you’re eligible for Instant Payouts, you will see your available balance in your account. Navigate to Banking > Payouts to see your Instant Payout balance, or to pay it out.

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

Click Settings on the left navigation menu, then select Payouts under Banking.

If you're in the United States, enter your Visa Debit or Mastercard Debit card details. You also need to enter the full address on file with the bank that issued your card.

If you're in Canada, enter the details of your debit card. Wave supports Visa Debit, as well as RBC and TD debit cards with a PLUS logo.

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

In the United States, Wave supports most Visa Debit and Mastercard Debit cards.

In Canada, Wave supports Visa Debit, and RBC and TD debit cards with a PLUS logo.

However, some cards are not yet compatible with the technology behind Instant Payouts. If your card is not accepted, try using a card issued by a different bank.

Why do I have to provide my debit card number for Instant Payouts if Wave already has my bank account details?

You need to enter your debit card number because Wave uses card networks, Visa and Mastercard in the US, and VISA and PLUS in Canada, to push funds to your bank account instantly. This is different from how regular payouts are sent to your bank account using your account number.

To accept Instant Payouts, 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.

How is the Instant payout fee calculated?

As an example, your customer paid you $1,000 using their Visa (or Mastercard). After the standard credit card processing fee is applied, you would have $970.40 available for withdrawal ($1,000 less 2.9% + 60 cents).

The Instant Payout fee is calculated as 1% of 970.40, which equals 9.704. When you choose to pay out the full available amount with Instant Payouts, after the additional 1% fee, you will receive $960.70 in your bank account.

Will my debit card be charged?

No, the fee for an Instant Payout comes directly out of the amount that you're receiving instantly so you'll never receive a 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 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. To update, click Settings on the left navigation menu, then select Payouts under Banking.

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.

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 all payments received in the last 24 hours. Once payments are processed, if they qualify for instant payouts, you will have until 3 p.m. Eastern the following business day to pay out your available balance.

For example, if you receive a payment before 8 p.m. Eastern on a Monday, you will have until 3 p.m. Eastern on Tuesday to pay out your available Instant Payout balance.

If you choose not to withdraw your available Instant Payout balance, or if the balance is no longer available, it will be paid out following the standard payment processing timelines. Navigate to Banking > Payouts to check the status of a payout.

Friday cutoff exception: The only exception would be if you receive a payment anytime after 8 p.m. Eastern on a Thursday. Since payments don't process on weekends, you will have until 8 p.m. Eastern on Sunday to accept the Instant Payout balance available to you.

Will all invoice payments be eligible for Instant Payouts?

Some invoice payments may not qualify for Instant Payouts. Wave automatically determines the eligibility based on a number of factors. If you receive a payment and don’t see an available Instant Payout balance, the amount will be paid out following the normal processing time.

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 Settings > 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.

How do I bookkeep Instant Payouts?

Wave automatically bookkeeps Instant Payouts. Learn more in Automated bookkeeping with Wave Payments.

What do I do if I have an issue with an Instant Payout?

Click on the help icon in your Wave account, type I haven’t received my instant payout, and follow the prompts from Wave’s chatbot Mave, to reach out to the Support Team.