[Limited Release] Everything you need to know about Instant Payouts
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[Limited Release] Everything you need to know about Instant Payouts
As they say, time is money. With Instant Payouts, you’ll be able to push funds to your bank account via your Visa or Mastercard debit card and receive the money nearly instantly, even on evenings, ...
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Will those 1% instant fees be included in our transaction fee reports?
What if they paid the invoice by ACH Bank Payment? Can I still do an instant paymout from that? So be charged 2%, 1% for the ACH and 1% for the instant payout.
Hey @ARonNYC
The 1% instant payout fee will be included in your Account Transactions report under Merchant Fees.
Hello @Matt12345
Yes, Instant payouts are possible with Bank Payments and the fees charged to you on that payment would be 2%, like you said 
If I try this feature, it doesn't mean that from here on out this will automatically happen correct? This is at my discretion based on need?
Hey @GailG_lucky13. Exactly, this is totally at the user's discretion. You will have the option to pay yourself out instant depending on the specific invoice and also have the choice to wait the normal processing time to get paid for your invoices.
On 6/28, a customer paid an invoice through Wave (bank payment). I transferred the money to my bank account, through Instant Payments, with no problem...my bank statement reflected deposit and it was also shown as "success" on the Wave payments page. On 7/1, said $ was withdrawn back out of my bank account through Wave. I have no idea why? I did not make or authorize any type of payment out of my account! Wave "payouts" page does not offer any type of information as to where the $ was deposited to, doesn't say refund, insufficient funds, or anything like that...only "completed." I've emailed but haven't gotten a response and "live chat" has been offline all day.
I actually just received another invoice payment (different customer) a few minutes ago. I sent $600 to my bank account through Instant Payments and got a "success." However, on the Payouts page, it's showing the rest of the invoice payment (I didn't transfer it all) will payout to my account on July 3, but the first $600 will pull back out of my account on July 5?!?!?! Why are Instant Payments all of a sudden being withdrawn from bank accounts????? Where's the $ going? Back to the customer?
@ harvey_lynch83 YES! Who doesn't have a customer service #?! Craziness!
Hey there @harvey_lynch83 @svsmith
As we don't service payments or payroll for all countries, opening a general 24/7 support line wouldn't quite work for our model. We do offer phone support for paying customers in North America to check on a pending paymentS or a payment account setup. We also offer live chat and tickets for countries who are available for a Wave payment plan. Lastly we also have the community to reach out to for our global users who are unable to use our payment or payroll system.
We aim to offer a high quality support outreach to our paid and unpaid customers and having 24/7 support would mean that we would need to hire staff remotely outside of our home base in Toronto. Not having a complete eye on monitoring this group might mean that we are unsure of the quality of work we put out there.
If you are a North American and want to reach out via ticket regarding a pending payment or a payroll matter where funds weren't delivered to an employee/taxes were not paid, feel free to email us HERE with as much detailed info as possible and we would be able to set up an outbound phone conversation.
I was offered instant payout, filled it in, next thing I know my payout is under review... I’ve been using this app and service for over a year, now this??? Then I go to call the number you guys put and it say you no longer have telephone customer service and you are closed at 5pm. I need help here.
Hi @jmtanzo , I am sorry that you experienced this issue. I see that you were able to get in touch with one of our Support Heroes about this over Live Chat. If you have any further questions or concerns, please let us know.
Hey @Chrisjc! You've hit the nail on the head - the rest of that money, less the fees, will be deposited on our normal banking timeline
It is disappointing that this service is not offered to all customers. How can I become eligible for Instant Payouts?
Hi @Era_Kay! Thanks for reaching out! We're still working on this feature and as we do, I'm afraid we have not been able to roll it out to all users.
I clicked on instant payout trying to learn more, not see it pending. I do NOT want an instant payout. I have NOT uploaded a debit card, so I'm hoping that keeps it from happening. Please advise. I don't want to lose $15 on a $500 payment... too much.
Hi @Christine Tabor! It does not look like any instant payouts have been made on your account! If you choose not to connect a debit card then it will not be able to process an instant payout.
Invoice is $1800, Instant pay out is $1500, If I take $500 from the instant pay out, will the remainder of the payment $1300, be deposited on the scheduled date?
Hi @dsallredpa! Thanks for reaching out! You are correct - if you choose to only take a partial amount of the instant payout, the remainder of the funds will follow the usual processing time for a credit card payment. You can view the expected payout date under: Baking -> Payouts in your account.
Hi, under "Accounting" Transactions, I see my Invoice Payments and then the "Deposits", and how Wave automatically fills in the Journal Entry, however, I also have Instant Payouts. For accounting/bookkeeping purposes, what is the proper journal entry for Instant Payouts or Person-to-Person Transfer, it shows up but what do you put for the "Category"?? Thanks much!
Hey @TMoore , for clarity, Wave doesn't use a Journal Entry for any of our Payments deposits, as it uses regular transactions instead. For Instant Payouts, they work in the exact same way as regular Payout transactions do so there should be no difference for this.
Hi I'm not sure if I'm heading in the same direction of TMoore, but wave funding payments for instant payout seem to be doubled up on the income report. I think the question was how do we adjust the books to correctly show the income paid to the invoice and to the ledger so that it doesn't sit there as a separate income category?
Hey @SPS_John , can you send us a screenshot of exactly what you're seeing and how it's doubling up? This will help us analyze the issue and point you down the right path. Also, do you have a bank connection active within your Wave account that pulls in all of the transactions that hit your bank account?
THEY ARE HOLDING MY FUNDS BECAUSE I DIDNT KNOW WHAT I WAS DOING SETTING UP MY ACCOUNT NOW I HAVE IT ALL FIGURED OUT THEY ARE KEEPING MY MONEY TELLING ME THEY NEED MORE INFO I SENT EVERTHING THAT THEY WANTED KNOW THEY ARE JUST AVOIVDING ME IM CALLING THE BBB AND JESSIE FROM THE NEWS YOU CANT JUST CHANGE THE RULES AS YOU GO
Hey there @Bakwood
I understand how frustrating this may seem and I sincerely do apologize on behalf of our team. Our Risk department works to ensure that you and your clients are safe and secure. They continue to monitor all transactions in Wave hoping to minimize chargebacks and protect you from all transactions being processed. Our team is currently reviewing your responses and will likely followup with you by phone, however they may need to reach out by email to setup a time. I appreciate your patience on this.
Hey @storage_unlimited , I see that an agent on our Support team was able to action your refund this morning. If you do have any further questions about this, please reach out directly through the ticket and the agent would be more than happy to answer your questions.
How do I set Wave to make Instant Payouts to my Wave Business account so I can avoid the fees
Hey @marketdave , you can set up your Instant Payouts account by heading to Settings > Payouts and updating your Instant Payouts account number.