Hey @Kellye , I'll answer your questions in order.
1. We don't send checks for payouts, we'll only deposit it directly into your bank account.
2. If you're located in the US you can't integrate with Stripe as we use our own payment processing platform. You would be able to process with Stripe outside of Wave and add your payment details to your Wave invoices so your customers can access them, but it wouldn't integrate directly through the invoice itself.
Hi @ashesofgrace , because we have our own in house payment processing (which isn't linked to Stripe) and it looks like you're located in the US which means you use our processing, the changes to Stripe will not affect Wave Payments.
I selected ACH only for my online payments. Why does the checkout link only allow credit card payments?
Also, how can I set up the link so that the payer enters the amount to be paid (I offer services, not a product, so every invoice amount is different)?
Hey @SLS , Checkouts only support credit card payments at the moment while invoices support both credit card and bank payments. Checkouts was created to be a link for a single static product or service, which means that your customers aren't able to enter in the amount that they'd like to pay but instead have to pay the specified amount. You may want to take a look at invoicing for these situations as invoice payment amounts can be selectively paid by your customers.
US Company trying to get paid by a Canadian customer using ACH. When they try to pay they say the their Canadian bank called "National Bank" isn't supported. Are some banks not supported?
I'm getting a message that says it needs to verify some information on my account, but when I select the link to chat, I just get the chat bot. How am I supposed to connect with anyone to verify details if I can no longer edit any of the payment details, or know what's left to verify?
Derek , you can only accept Bank Payments from clients that have accounts established within your own country. This means that if you're from the US, a US bank account needs to be used. The alternative here would be to have your customer pay with a Canadian credit card, although they would be subject to any fees that they may incur from their bank.
Hi @JerryHaber47
1. For Bank Payments/ACH payments your customers will need to log into their online banking.
2. For credit card payments they will need their credit card info (number, expiry date and cvv)
Hey @sharlynorton , if you request support from the chatbot, it will push you to our live chat function with one of our agents. Let me know if you have any further questions!
@AlexL Pretty common for business to do business cross USA<->Canada boarders. Might be nice if you would make that work. We ended up using SWIFT transfer it complete the tx.
I've been using checks/cash for a decade with my landscaping business. Is there a way to add in the 2.9% collected by the credit card company (i.e. add it to the customer/client) so we don't lose profit?
Hi @BlueHen_Landscaping, please refer to this article from our Help Center on how to pass on the credit card fees onto your clients.
Hi @themilleys20 Are you in the process of completing the Wave Payments application under Sales > Payments? If you are, the option to connect your bank account to receive the payouts is available on Step 4 of the application process.
From the time the client pays the my invoice with a credit card, how long does it take before the money is deposited in my bank account? It doesnt seem to be in real time? My bank is RBC
I’m in Canada and my client is in the US. I was trying to set up the invoices to allow them to pay in USD and have it convert to CAD. When they go to make the online payment it isn’t allowing her. What is the solution?
My Payments screen states "We need some information" and asks me to contact support. I'm not sure what happened/why it "turned off" because I'd had it enabled for over a year. It just turned itself off, randomly, yesterday. I re-completed the interview, but it won't self-reinstate. My business has been upright since inception in 2016, and I even have a recent Certificate of Good Standing from my Secretary of State's office to prove this. There should be a simpler way to reactivate in these situations and/or a way to submit such documents for reactivation!
Below I broke down all payment processing timelines for your convenience:
1) Credit card payment: This process takes 1-2 business days.
2) ACH Bank payment: This process takes 2-7 business days.
3) AMEX payment: This process takes 1-2 business days.
What if my bank participates in same-day ACH, which is the new standard by NACHA (and has been for about 4 years now)? Does your bank process quickly and/or participate in all -three- daily sweeps available as part of same-day ACH? Please ask them to join and make full use of all three daily settlements. All of us as small business owners depend on consistent cashflow, and we want to integrate with Wave as much as possible. If the processing cycle is stale, we have much faster alternatives at the same or better rates. Please consider!! Thanks
Is there a way to change the business name my customer sees on there credit statement without creating a new business? I just want to alter what the customer sees when billed if possible.
Right now, Payments by Wave can only handle payment transactions directly in your business currency. So, within 1 business profile, if it's set to CAD/CAN you'd be restricted to processing CAD only. However, Canadian businesses are able to make a secondary business profile in Wave, with an address in Canada, but processing in USD.
When this happens, Wave opens an integration with Stripe for that specific business profile. They would then do payment processing for you, but, the integration functions in such a way that the automatic accounting on our end should still be seamless. I should mention, Stripe only allows Credit Card payments at this time, so this CAN/USD business profile wouldn't be able to handle ACH/Bank.
To address your first question, after doing some digging on the back end, it looks like one of our support agents assisted you with this via your ticket request that you submitted earlier. I'm happy to see that! Feel free to follow-up with our support team via your email thread if you have any more questions.
For your second question, I'm afraid that these processing timelines remain the same regardless of individual bank functionalities. It sounds like you may be inquiring about our Wave Money card. If so, when you sign up for the card, you will be able to receive free instant payouts to help you receive your funds quickly so you can focus on your business. Feel free to learn more here.
Yup! One of our Support agents can help you change your billing descriptors on the back end. At your earliest convenience, please contact our support team via live chat or ticket request.
@JulianP Thanks for the remark. I’m not referring to a money card. I’m asking does the bank Wave uses offer same-day ACH? It appears not. Because credit cards settle in about 2 days (+/- 1), and ACH payments settle same-day to 2 (maybe 3) days. Thus, the only hold up would be your bank sending payment to mine. That’s because your bank isn’t distributing ACH payments same-day nor all 3 times per day, as is the current NACHA standard—meaning longer delays til we get paid. My other vendors and banks all participate in same-day ACH, so my money is never more than 24 hours away.
What kind of transaction does the Bank Payment Fee in the "Fees and availability" table on the Payments help page apply to? Is it in addition to the Credit Card Fee or something else; if so what? ACH Bank payment?
The bank payment fee refers to the percentage fee amount for payment processing that is taken from invoice payments paid via ACH bank transfers. It is not in addition to the credit card fee, which is for invoices paid via credit card.
I can see that our Support Team has assisted you with this issue via chat. If you have any further questions please direct them to the Risk team by replying to their email directly, and they will be able to assist
I cannot edit the Payments Setup information. I'm in the process of completing the 6-step process of receiving payments (under 'Sales', then 'Payments') and it will not allow me to go back to the previous steps to review or edit information. For example, I need to get back to step #3 'Your Details' to edit something. I am just prompted to complete the final step ('Verification', uploading an ID) which I do not want to do yet because information in step #3 needs to be corrected.
I put a note on my invoice a fee to cover the processing fee that wave charges me. So my client paid an invoice of $120 and added $2 for the processing fee…so she paid $122 on a $120 invoice. Now the receipt shows a credit of $2. How do I fix this so the wave service fees are paid by the client and it doesn’t mess up the receipt?
I have a TD account in CD$. I also have a US$ account at the same bank in Canada.
To invoice and receive cc pymts in US$, should i set up another business account with Wave?
Thanks
Comments
Hey @Kellye , I'll answer your questions in order.
1. We don't send checks for payouts, we'll only deposit it directly into your bank account.
2. If you're located in the US you can't integrate with Stripe as we use our own payment processing platform. You would be able to process with Stripe outside of Wave and add your payment details to your Wave invoices so your customers can access them, but it wouldn't integrate directly through the invoice itself.
Hi @ashesofgrace , because we have our own in house payment processing (which isn't linked to Stripe) and it looks like you're located in the US which means you use our processing, the changes to Stripe will not affect Wave Payments.
I selected ACH only for my online payments. Why does the checkout link only allow credit card payments?
Also, how can I set up the link so that the payer enters the amount to be paid (I offer services, not a product, so every invoice amount is different)?
Hey @SLS , Checkouts only support credit card payments at the moment while invoices support both credit card and bank payments. Checkouts was created to be a link for a single static product or service, which means that your customers aren't able to enter in the amount that they'd like to pay but instead have to pay the specified amount. You may want to take a look at invoicing for these situations as invoice payment amounts can be selectively paid by your customers.
US Company trying to get paid by a Canadian customer using ACH. When they try to pay they say the their Canadian bank called "National Bank" isn't supported. Are some banks not supported?
want to know what information customers will need to provide
1. for ach transfers
2. credit card payments
I'm getting a message that says it needs to verify some information on my account, but when I select the link to chat, I just get the chat bot. How am I supposed to connect with anyone to verify details if I can no longer edit any of the payment details, or know what's left to verify?
Derek , you can only accept Bank Payments from clients that have accounts established within your own country. This means that if you're from the US, a US bank account needs to be used. The alternative here would be to have your customer pay with a Canadian credit card, although they would be subject to any fees that they may incur from their bank.
Hi @JerryHaber47
1. For Bank Payments/ACH payments your customers will need to log into their online banking.
2. For credit card payments they will need their credit card info (number, expiry date and cvv)
Hey @sharlynorton , if you request support from the chatbot, it will push you to our live chat function with one of our agents. Let me know if you have any further questions!
@AlexL Pretty common for business to do business cross USA<->Canada boarders. Might be nice if you would make that work. We ended up using SWIFT transfer it complete the tx.
I've been using checks/cash for a decade with my landscaping business. Is there a way to add in the 2.9% collected by the credit card company (i.e. add it to the customer/client) so we don't lose profit?
Hi @BlueHen_Landscaping, please refer to this article from our Help Center on how to pass on the credit card fees onto your clients.
Hi @themilleys20 Are you in the process of completing the Wave Payments application under Sales > Payments? If you are, the option to connect your bank account to receive the payouts is available on Step 4 of the application process.
From the time the client pays the my invoice with a credit card, how long does it take before the money is deposited in my bank account? It doesnt seem to be in real time? My bank is RBC
Hey there @GaryY !
Below I broke down all payment processing timelines for your convenience:
1) Credit card payment: This process takes 1-2 business days.
2) ACH Bank payment: This process takes 2-7 business days.
3) AMEX payment: This process takes 1-2 business days.
My Payments screen states "We need some information" and asks me to contact support. I'm not sure what happened/why it "turned off" because I'd had it enabled for over a year. It just turned itself off, randomly, yesterday. I re-completed the interview, but it won't self-reinstate. My business has been upright since inception in 2016, and I even have a recent Certificate of Good Standing from my Secretary of State's office to prove this. There should be a simpler way to reactivate in these situations and/or a way to submit such documents for reactivation!
What if my bank participates in same-day ACH, which is the new standard by NACHA (and has been for about 4 years now)? Does your bank process quickly and/or participate in all -three- daily sweeps available as part of same-day ACH? Please ask them to join and make full use of all three daily settlements. All of us as small business owners depend on consistent cashflow, and we want to integrate with Wave as much as possible. If the processing cycle is stale, we have much faster alternatives at the same or better rates. Please consider!! Thanks
Hey @Austinnoble !
Right now, Payments by Wave can only handle payment transactions directly in your business currency. So, within 1 business profile, if it's set to CAD/CAN you'd be restricted to processing CAD only. However, Canadian businesses are able to make a secondary business profile in Wave, with an address in Canada, but processing in USD.
When this happens, Wave opens an integration with Stripe for that specific business profile. They would then do payment processing for you, but, the integration functions in such a way that the automatic accounting on our end should still be seamless. I should mention, Stripe only allows Credit Card payments at this time, so this CAN/USD business profile wouldn't be able to handle ACH/Bank.
Hi there @cekentinc !
To address your first question, after doing some digging on the back end, it looks like one of our support agents assisted you with this via your ticket request that you submitted earlier. I'm happy to see that! Feel free to follow-up with our support team via your email thread if you have any more questions.
For your second question, I'm afraid that these processing timelines remain the same regardless of individual bank functionalities. It sounds like you may be inquiring about our Wave Money card. If so, when you sign up for the card, you will be able to receive free instant payouts to help you receive your funds quickly so you can focus on your business. Feel free to learn more here.
Hello @Josh33 !
Yup! One of our Support agents can help you change your billing descriptors on the back end. At your earliest convenience, please contact our support team via live chat or ticket request.
@JulianP Thanks for the remark. I’m not referring to a money card. I’m asking does the bank Wave uses offer same-day ACH? It appears not. Because credit cards settle in about 2 days (+/- 1), and ACH payments settle same-day to 2 (maybe 3) days. Thus, the only hold up would be your bank sending payment to mine. That’s because your bank isn’t distributing ACH payments same-day nor all 3 times per day, as is the current NACHA standard—meaning longer delays til we get paid. My other vendors and banks all participate in same-day ACH, so my money is never more than 24 hours away.
What kind of transaction does the Bank Payment Fee in the "Fees and availability" table on the Payments help page apply to? Is it in addition to the Credit Card Fee or something else; if so what? ACH Bank payment?
I didn't receive the email for verification for payment setup and I'm still waiting on next steps?
Hey @flathat !
The bank payment fee refers to the percentage fee amount for payment processing that is taken from invoice payments paid via ACH bank transfers. It is not in addition to the credit card fee, which is for invoices paid via credit card.
Hi @CELawn ,
I can see that our Support Team has assisted you with this issue via chat. If you have any further questions please direct them to the Risk team by replying to their email directly, and they will be able to assist
I cannot edit the Payments Setup information. I'm in the process of completing the 6-step process of receiving payments (under 'Sales', then 'Payments') and it will not allow me to go back to the previous steps to review or edit information. For example, I need to get back to step #3 'Your Details' to edit something. I am just prompted to complete the final step ('Verification', uploading an ID) which I do not want to do yet because information in step #3 needs to be corrected.
I have a TD account in CD$. I also have a US$ account at the same bank in Canada.
To invoice and receive cc pymts in US$, should i set up another business account with Wave?
Thanks