Payments (Credit Cards)
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Payments (Credit Cards)
One of the most popular features in your Wave account is the ability to accept credit card payments on the invoices you send. What makes it so awesome?
Invoices get paid in 2 days or less, on aver...
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Is there a way to pass on credit card transaction fees ONLY IF the customer decides to pay that way? So its $100, or $103 if they pay with credit card? Please advise ASAP. Thanks
Newbie Wave user Invoicing question -
I've got an AU business set up in Wave, and stripe integration is set up, but my client is in the US so Wave is telling me that credit card payment is disabled as the currencies don't match.
Any suggestions on how I can get my US client to pay my invoice using credit card?
Hey @robofred - there isn't a way to do so automatically at this time, just because some of the regions we operate in do not allow passing over of merchant fees.
@anferneec the best way to do so would be to charge your client in AUD, and their card will do the currency conversion on their end. At the moment Wave isn't able to offer multi-currency payment processing, even through Stripe, but we are currently looking at ways to implement this going forward. Another possibility would be to accept the payment via PayPal, which you can integrate into Wave via your Integrations tab, which should be just above settings.
I just clicked Turn On Payments, it cycled and then said Unable to Turn on Payments - contact customer support. Is that you?
Hey @DGoboff, that is a system notice from Wave so yes, it's us! We'll just need you to reach out to customer support for a little more info before we can turn payments on. You can do so at any time by clicking the Help button in the bottom left-hand corner of your Wave account
We don't want to accept credit card payments as it costs too much and takes too long (7 days for payment to be transferred to our account). How can we disable them permanently instead of having to remember to manually turn them off on each invoice issued?
Hey @NatureCoast , thanks for reaching out! Wave currently only offers payment processing for our users in North America, for some other users we have partnered with Stripe. This partnership means that Wave handles the bookkeeping side of things and Stripe takes care of the processing and determines the fees and the processing times.
If you wish to disable credit card payments on your account you can do so by navigating to Settings > Payments on your account, this will remove the option to pay by credit card from all of your customers invoices.
PLEASE IGNORE - I HAVE JUST FOUND THE BUTTON AT THE TOP OF EACH INVOICE WHICH ALLOWS ONE TO SWITCH IT OFF - QUESTION ANSWERED, THANKS.
Glad to hear it @francois12uk !
Hey @iamemmanuel - this may be due to where you're located. At the moment Payments by Wave can only handle North American processing. For users outside of North America, we've integrated with Stripe to facilitate payments, but they also aren't available globally. I'd recommend taking a look here to see if your location is supported: https://stripe.com/global
The next issue that may cause this is if you are in a supported country, but you're charging in a currency other than the currency of said country, which both Wave and Stripe can't handle at the moment.
If none of these sound like the case let us know!
Once an invoice is paid via credit card and the credit card fee is charged, is there another fee for transferring the amount to ones bank account?
Hey @illuma, thanks for reaching out! Once your invoice is paid, the processing fees are deducted directly from that amount, that is the only fee that is charged meaning that there is no additional fee to deposit the funds to your bank account. If you need anything else, please let me know!
What happens if my client makes a partial payment via credit card (it looks like the amount field can be modified)? Am I able to resend the invoice at a later date to have them pay the difference?
Hey there @22Eighteen
Your client can actually just open the same invoice that is in their email and make the rest of the payment on that invoice! You could also send them a reminder to make the rest of the payment as well. See the image below:
Let me know if you have any other followup questions!
Does wave payout on Saturdays?
hey @TimothyJ
Our third party banking partner doesn't pay out on weekends or holidays.
Below is a timeline and price for our Payment services:
1) Credit card payment: This process takes about 2 business days to process. The fee for this method of payment is 2.9% plus an additional 30 cents per transaction. So if you send an invoice for $100 Wave collects $3.2 total depositing $96.8 into your account. This is the faster transaction method.
2) ACH Bank payment: This process takes about 2-7 business days to process. The fee for this method of payment is only 1% with a minimum fee of $1. So for example if you send an invoice for $100 Wave collects $1 depositing $99 into your account, however if you invoice someone for $10, Wave collects a minimum of $1, depositing $9 into your account.
I do the bookkeeping for a small company and am not listed as an owner on the bank account. Who should be the person that is entered in Credit Card Set up for personal information? Can it be me? Does it have to be someone who is on the bank account? What are the rules here?
Hey @MrsHungryAsian. If you are setting up the payment application for a specific business, it should be the business owner details (their personal information, as well as their bank account information so the funds are directly deposited into their account after they invoice a client). I feel as though having a scan through our terms of service might be beneficial for you here: https://my.waveapps.com/terms/wave-payments
Scenario: I send monthly invoices via email for my services; the amounts vary based the number of hours I worked for each client in a given month. Some customers complain that paying with Wave is a pain, requiring re-entry of the same data each month. I’m looking for ways to make the payment process simpler for them.
Thanks.
Hey there @GFair
If you are using Recurring Invoices and turning on Automatic Payments you can have simply set them up to have payments auto-withdraw from their credit card.
If you'd rather not set up a recurring invoice, you could ask for your customer's CC info, and store it in the customer section of your Wave account. Then when you attach them to an invoice you should be able to just charge the credit card without needing to have you client pay it on the invoice.
The credit card payment is great....BUT, I ran into a problem. One of my customers paid an invoice ($1,250) with the credit card payment feature successfully. Then, 2 weeks later, a $475 credit card payment from that same customer was declined. After much research, they found out that the credit card was processed as a "Test" and that was the reason it was declined. Both payments were processed the same way by the same person. What happened? How can I fix this?
We just switched EINs due to a change in the organization. How do i update the EIN for payments purposes?
Hey @FKH! Thanks for reaching out - feel free to open a ticket up with the Wave Support team in order to start the process for getting that EIN updated.
Can we use ITIN instead of SSN under personal information?
hi, Payments in Sales Menu is not showing from my side. My location is in Dubai, UAE. please help.
thanks.
How do I account for the invoice payment and the bank deposit? I used to be able to split the bank deposit into an income entry and a expense entry then merge it with the invoice payment and merchant fee entries. Now I cannot. Help?
Hey @sunnymemon if you do not have an SSN, there is a process for business owners that do not have an SSN. In saying that, can you please submit a email to our support team? Since this is a case that will require some back and forth of information, it would be best for you to communicate through email instead!
@janice I'm afraid that Wave Payments is currently not supported for businesses in the UAE, which is why you are unable to see the Payments option within your Wave account.
@digdanler If you are referring to accounting for an online payment received through Wave Payments, then there is actually an automated process that ensures that this is done correctly for you. I'd encourage you to take a read of this article and then reach back out if you have any additional questions! It's quite comprehensive so I am confident that it will be helpful! https://support.waveapps.com/hc/en-us/articles/115004964423-Automated-Bookkeeping-with-Wave-Payments
@JordanD this is true for all new transactions after November 15th, 2019. For payments received using "Payments by Wave" prior to November 15th this is not true. Those transactions and thus subsequent Wave Deposits still double count. How do we solve for that, since we cannot split wave deposits and merge them their duplicate transaction like we used to?
Hey @digdanler , got it. This makes sense as this is probably around the time we moved you over to our newer Accounting software. For those transactions, you should be deleting the bank imported transaction and keeping the transaction created by Wave. This should accurately record the necessary income without doubling it.