Wave rejected my CC processing. Why?
Sam_Decker
Member Posts: 1
I just opened my Wave account and made 2 invoices one for 374.99 dollars and one for 200.00 the customers paid then wave sent a rejection of my processing business
Not sure what financial history they looked at
I assume the IT business is acceptable.
I have had a website for years.
I have operated in the same city since the founding of my company in 1995
I just recently incorporated as a new business.
Noone contacted me to discuss.
ZERO stars so far
So what gives?
below is what I received
BT (Wave )
Jan 25, 2022, 1:35 PM EST
Hello,
Thank you for your interest in the Wave Payment service. We’re reaching out to let you know we have reviewed your account, and unfortunately are unable to continue providing payment processing services for your business.
What caused this?
We consider a number of factors when evaluating eligibility for a Wave Payment account, such as how long you have been in business, the industry in which you operate, your business's online presence, and prior financial history. Payment processing comes with various risks that expose both your business and Wave to financial losses from uncollected refunds and payment disputes with customers. For these reasons we conduct account reviews to determine eligibility to use the Wave Payment service.
What happens now?
Credit card payments which have not been paid out to your bank account will be canceled, the transaction refunded and funds returned back to your customers bank so you can accept another form of payment.
What about the rest of Wave?
All other Wave services, including Wave Invoicing, will continue to work without any interruption.
Thank you for your understanding. Our operating hours are Monday to Friday 9am-5pm EST should you have any questions.
Thank you,
BT,
Risk Analyst,
Wave Payments, Risk Team