Can I use a Third Party Credit Card Merchant Account?

JMichaelTX

I have a credit card merchant account that charges 0.25% (yes, that's correct, less than 1%).
How can I use this merchant account on my invoices?

Alexia

Hi, @JMichaelTX,

You're welcome to use any payment method you want with Wave. The main advantage of using Wave's own payment processing is that everything will be added to your books automatically. Using a third-party will require you to manually account for the payment and the merchant's fee. The process will look something like this:

1. Record a payment for the invoice's full amount to a Money in Transit account of your own creation.
2. Record an expense against that Money in Transit account for the amount of the merchant's fee.
3. Create a transfer between that Money in Transit account and your bank account for the amount of the deposit.

It's not the most tedious process, but it can be a lot of work if you have a lot of invoices. Ultimately, the choice is yours, you are more than welcome to use our free invoicing tools without using our payment processing services.