Receiving your first deposit
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Receiving your first deposit
Receiving Your First Deposit
You just got paid - right on!
In order to receive your payment, you will now need to complete a very brief application where we will collect some information about you,...
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Please provide functionality to allow the business to add a Convenience Fee (to be automatically calculated based on the amount of the invoice and the type of payment - CC or ACH). Ideally this should be a check box similar to how a business can adjust if they want to receive CC or ACH payments by going to Settings > Payments and turning off the toggle for the payment method you wish to remove from your invoices.
@ion This is something that we have weighed in on before; it is difficult because this is not legal in certain parts of the world. For that reason, we currently don't have an automatic way to do this, but we do offer a guide for implementing this if a business owner deems it appropriate. You can find this guide here: https://support.waveapps.com/hc/en-us/articles/115000423946-How-do-I-pass-credit-card-fees-onto-my-customer-
In any case, I can bring this up to the team once more for a more current conversation about the topic!
Great! Thank you for the feedback. One way to handle the legal aspect in various jurisdictions is by putting the onus on the user (i.e. business owner) - make a mandatory check box "I swear this is legal in my country"
-- This way you provide the functionality but distance yourselves from the liability.
Hey @ion -
My name is Ailsa and I'm a Product Designer here at Wave.
That's an interesting idea! I'll pass the suggestion on to the team and I'm sure we'll have to dig into the liability for this on our end a little (e.g. if a user clicks the checkbox, but it isn't legal in their country). If you have any other ideas, please do let us know! Y'all help us improve with all these awesome suggestions
Hi Ailisa
I use for my tenants Waves Accounting>transactions and deposits, and they still come up with "Inward Credit" as before the upgrade
Then I credited the payments to the invoice number and name and"inward" changed to "payments" clearly identifiable
I did that crediting easy with the second button, it was really perfect, but that button is now gone unfortunately.
The beautiful thing was I could see at a glance strait away who paid and who did not
Also once I credited via invoice number the red outstanding unit and Rent in Sales automatically disappeared
That was so easy and perfect and now the second button is gone and I use my Ipad and lock into my bank to confirm any payments of outstanding rent. Wave does not show inward payments done from customers any more by itself and i now need to look into my Bank to credit payments in wave.
Can you help me please how to easy identify in transactions the incoming payments or best, bring back that beautiful second button, cause with that all was so easy and so clearly to see.who paid and who did not.
Please help.
Mike Werner
Perth Australia.
I deposited an amount into bank account. How do I entry this transaction into Wave?
Hey @JensenK. You will want to create an income transaction for this, if it already has been created, and then categorize it as the income account that best pertains to the deposit itself (for example, Sales). If you are seeing that none of the system accounts in the Chart of Accounts match up with what the deposit was for, you can simply create one and then categorize the transaction as that.
Hey @Madhouse10, thanks for reaching out!
Wave will never delete your data without your explicit direction, and in fact, we can't. Wave's system is built in such a way that your transactions cannot be modified or deleted in bulk without action on your side.
There are several reasons you may not be seeing what you expect to see when you log into Wave. We've listed them in a handy table along with what you can do to fix the issue - you can see that table here: https://support.waveapps.com/hc/en-us/articles/115005756506
Hey there,
I'm preparing to get paid by my client using Wave for the first time. I tried filling out the payment application but once I got to choosing my bank, it was nowhere to be found. My bank is Wescom credit union here in California. Why can I connect my bank account to view my transactions and all that but it doesn't show up for me to get paid directly to my bank? Which is the only reason why I want to use this service for? Please help. Why isn't my bank showing up specifically in my payment application??? Please help. Thank you
Hey there @AnthonyB
Sorry for the delay in responding while you try to invoice your client. Can you try entering some dummy numbers then pressing enter. This should prompt an "Other Bank" to appear in the popup modal. Select that and you should then be able to manually enter your direct deposit routing details.
Let us know if you have any issues with this!
I will try this and get back to you.
Thank you.
Sounds good, @AnthonyB
Keep us updated!
Is there a way to charge the fees to the payor instead of the business being responsible for the fees?
Hey @moreauhousecondo! We've got a pretty solid article right here on how that would work in Wave!
I am waiting for Wave to send me a correct credit card authorization form that my customer must fill out. Wave already accepted his payment online and has received his payment, yet this is a verification process. The form the Wave account manager sent me was a Canadian Global Affairs form, which neither my business nor my customer is Canadian. How can I get the correct form so that Wave will release the payment to me which has been held for 11 days now?
Hey Dennis, first off, I admire your dedication to helping your daughter run her business! You're a great dad!
It looks like the Account Management team was able to send you the form via your on-going email correspondence. Please fill it out and send it back to them so we can get you that money!
I have followed these instructions, but it keeps saying there is a problem with the routing #, and there's no place for me to address the issue. My money was sent to Wave through the invoice app, but I can't get it to my account.
please help! my id won't verify and i have one its old but its fine. I need this money. i answered all the questions right. does it always ask to scan id?
Hey @JKMosaic! Thanks for reaching out here, can you DM me with your business name? Would love to help break this down with you.
@Biazzzzoo thanks for getting in touch. I can see from your communication with my team that you are not supported for Wave Payments. The payments you'd received in your account have been refunded back to your customers.
I have two invoice payments and one wave payment going into my bank. The invoice payments will not change to the bank account. Am I missing something I need to do? The article says it happens automatically?
Is there a way of adding 1% to the invoice if the customer chooses to pay via credit card?
What about cash deposits??People who pay by cheque???
Hi @Becky_W! If an invoice is paid 'online' using Wave Payments (by credit card or Bank Payment), then the payment will deposit automatically to your bank account. The invoice will also be marked as 'paid' and the bookkeeping done automatically if you have your bank connected for transaction imports and are using Wave Payments. This is because the system can detect the payment coming through and do it for you. If the invoice was paid using a different method, you will have to mark the invoice as paid and do the bookkeeping from your Transactions page in Wave as it won't be automatic.
Hey @StaceyF! Our system currently has no means of automatically transferring the Credit Card Processing Fee to a customer in Wave. This must be added manually at the business owner's discretion. We recommend doing this by adding a line item to an invoice with the fee's total (2.9% + $0.30) as a "Merchant Fee" of sorts. -->This article<-- will give you a detailed breakdown for applying this fee on your invoices.
Hey @alandra_ap! If you have customers paying by cheque or deposits you will have to mark the invoice as paid and do the bookkeeping in Wave. The best way to do this is connect your bank account to Wave and wait for the income transaction to import. You can then categorize the transaction as 'Payment received for an invoice' and select the outstanding invoice. This will mark the invoice as 'paid'. Alternatively, you can 'record a payment' directly to the invoice from the 'Invoices' tab.