ACH Invoice Payments Delay
insyncnet
Member Posts: 2
Hi. New to Wave. I invoiced myself as a test, and chose to pay the invoice via ACH payments. Invoice date was Jan. 30th. After I submitted the online payment info, the invoice was marked Paid on Jan. 30th. The withdrawal for payment from my account did not happen until Feb 3. And the deposit back to me for proceeds from the sale is supposed to be there by Feb 10th, but not there yet. I don't understand the delay, and see no way you can invoice someone if the funds don't find their way back to you for 10 days. Someone could ask for a refund before you ever get paid...
1
Comments
Hi @insyncnet! Welcome to Wave! Bank Payments are an option provided by Wave as an alternative to credit card payments. They have a lower processing fee (1%) than credit cards (2.9% + 30 cents) but they do take longer to process - up to 7 business days whereas a credit card processes in 2 business days. In your example it looks like it took the full 7 business day timeline to process. The longer processing time is due to the process that a payment has to go through to be verified and processed from your customers bank, through Waves payment processor and then to your bank. If you would rather that your customers do not have the option to pay by Bank Payment, you can turn this off under: Settings -> Payments in your Wave account.
ok thanks for the feedback