Changing your deposit account
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Changing your deposit account
Changing deposit account
If you ever need to update the bank account where you receive your payments, you can do this from directly within your Wave Account! Simply log in to Wave then click the Se...
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Hi!
[EDIT] I have since found the location under Invoice Customisation. Thanks!
Has the inteface changed since this comment? Unfortunately, on my side (I am admin), I cannot see Payouts. Is there another way to change bank details?
Thanks for your help!!
Hey @LaMarelle and welcome to Wave's Community Forum!
For the sake of information security, the Payouts section of Wave are only available to specific user types, which is likely why are unable to access the information, depending on how the Primary Owner has set up your access to the account. If you want to send me a DM with your email address, I'll be happy to take a look on the back end and see if this is the case for you!
Can we put two bank in Payout? and are we able to put a Philippine bank account to payout?
Hi @RodenA2019 . You cannot have two different payout accounts, and the payout account that you are using must be a bank account that is based in your business location with the same currency.
my deposit is pending, my client told me that she deposited my money bank to bank and i got an email saying, "congratulations" you just got paid, and will take 2 to 7 business days, my question is, there is any way i can speed the deposit on my bank account even if i have to pay some extra money?
Thank you for the info
Hey @Pacifical, unfortunately it is not possible to manually speed up that payout process presently. I'm sorry for the inconvenience there!
Hey, originally I saw I was getting my first pay out Jan 21. But now the money says its "on hold" what do I do?
Hey @HannahEKing . Looks like your payment has been released and should land in your account tomorrow. Thanks for bringing this up to us and I apologize for any delay!
I recently set up a new bank account to accept recurring invoice payments for the business. After downloading transactions into Wave I see that the deposit account for the paid invoices show as "Payment by Wave" and not the new bank account. Did I miss something?
Hey there @BryonGA
If you head to Settings (small grey button bottom left) > Payouts > What account do you see connected here?
Typically when you send an invoice, all of the data from your payout account (bank routing number/account number) is attached to that invoice. So if you update your banking payout info after having sent out the invoice, the previous bank account's information will still be attached to the invoice you sent.
Hope this was not the case!
We have opened a new biz account, which is shown under "connected accounts". Yet if I go to 'Setting', then 'pay out' and try to 'update the bank details', this new account is not listed. We cannot accept payment to an old account that will be closed. I couldn't find any more info on this. Please help.
Hey @aman !
To update your payout account, please navigate to Settings -> Payouts -> Update account. If your financial institution is not listed in the search window, you can connect your account for payouts manually. To do this, enter dummy information like "0000" in the search window. Click "Use your bank transit, institution, and account number" in blue text and enter your account details. Below I attached a screenshot for reference:
Once this is done, you can successfully receive payouts into this account moving forward.
If your deposit was already directed into the "incorrect" bank account, we will have to wait for it to be processed by your bank as a failed deposit. Once it fails, the funds will bounce back to us -- this usually takes 3-5 business days. Once we receive this bounced deposit, you will receive an email notifying you of the occurrence, and prompting you to update your bank account in Wave for that particular payout.
Note: You will only receive the above email for a failed deposit if the account is closed. If it is still an active bank account, the funds will need to be moved manually through your bank.
You can change your bank account now to make sure your future payments are headed to the right destination, but you will have to do so one more time after receiving this email to restart the deposit in question.