Using Wave Payments for a Canadian Business + "USD" Account?
marketingpro
Member Posts: 5
A bit about my business:
I will be doing some consulting work mostly with clients outside of Canada, and will charge in USD.
When I first signed up, I must have missed the section that asked if my main currency will be CAD or USD, and I left it at CAD. So I went ahead and created a new business on the same account, but this time I chose my main currency to be in USD currency for all my non-Canadian clients.
I successfully added my USD Canadian bank account, but when I go to the section of adding Wave Payments to accept credit cards/bank transfers in USD, for some reason it redirects me to Stripe. Whereas that wasn't the case when I initially signed up under the CAD currency.
Thankfully I do have a USD Stripe account I created just in case, but I would much rather have everything on 1 platform on Waves with an ability to easily make transfers to my bank account when needed combined with all the accounting features.
So my question is, is it possible to use Wave Payments for a Canadian business whose main currency is USD? And if so, how can I do this? Because right now I'm only seeing a Stipe integration option if I want to accept credit cards.
Finally, at the bottom left of the current Stripe integration page, it says "Deposits are made in 7 days". What does that mean exactly?
P.S. A bit off-topic, but does anyone know if we have to charge non-Canadian clients with taxes if they pay in USD?
Comments
Hey @marketingpro , we love hearing from our users about how they run their business!
The way that Wave is set up is that same currency (Canada - CAD) automatically routes you to the Wave Payments platform for accepting payments. When setting up your account as Canada - USD, we do automatically route to Stripe as the Wave Payments system isn't set up to handle cross currency transactions. There's no way around this I'm afraid.
I'd advise you reach out to Stripe to confirm their payment timelines as this varies by country, but the 7 day deposit typically works on a rolling basis which means that charges processed on the 1st of the month would be grouped together and deposited in your account on the 8th of the month.
Lastly, I'm afraid we can't advise on international taxes, but feel free to repost your question in in our Accounting area in case one of the other users in our Community can advise you on this.
Hello, My Canada business bank account has USD currency account, can Wave process the payment from my US customers' US credit card or bank? I don't need to convert USD to CAD during the transaction.
Hey there,
If your deposit account is CAD and your Wave currency is in CAD, you will have to send the invoice in CAD in order for the payments tab to be active. The client will then make the payments with their USD credit card, it will be converted to CAD and deposited into your account. If you send the invoice in USD, they will see the amount in USD, however they won't be able to make a payment as the payment option will not be available to them.
Hope I was able to clearly convey that but reach out if you have any other questions!
Thank you for getting back to me Alex.
So let's say I integrate Stripe with Wave to accept USD payments, and I get paid in USD via Stripe. What exactly happens on my Wave account?
I'm guessing the money will be held on my Stripe account, but will they also integrate with Wave to keep track of the accounting? Also, will my Stripe payments be fully displayed on Waves with the full amount + client name? And would
And finally, does that also mean I have to integrate my Canadian USD bank account with Stipe?