Credit Card Holds
_Derek_
Member Posts: 62 ✭✭
We are small business and need to collect 20% deposit for high-price rental items ($1500+/week to 10-15K/month). We would like to be able to place a cc hold for some period of time on these items. In the past we done a line item charge on the invoice but WAVE changed us 2.9% on upfront and 2.9% on the return but these charges don't sit well for us and our accountant -- and ironically an IRS auditor said thought WAVE was pretty much robbing us blind.
When can we expect to see "Hold" option on a invoice which places a hold for an amount rather than make the full cc charge? As our business is ramping up, these limitation are forcing us to consider other options like Stripe.
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Comments
Derek , to be completely transparent with you, this isn't something that's on our short term roadmap at the moment. It's very possible that we could see a release like this in the future, but I'd like to be honest with you and let you know that it won't be happening anytime soon.
@AlexL , I agree with Derek, that this should be included, and hear me out on this, as you are probably losing revenue by not having this feature.
I already use Stripe for payment processing, so when I started using Wave, I now process payments via Wave, not because it's simpler, but because it lets me "pay you" for a great product (via your sizeable cut of the Stripe transaction fees).
But, I might go back to Stripe for all my payment processing...
You see, in my business, I need to charge for accommodation plus a security deposit. I use an authorisation hold for the security deposit, because then the customer gets refunded straight away rather than having to wait 7-10 days if it were a refund of a payment transaction. Right now, I am charging for the accommodation in Wave, but then I have to go to Stripe to charge the authorisation hold. It's annoying, and at some stage, I might just start charging it all through Stripe again. By having the authorisation hold feature, it means I will continue to use Wave for card payment processing. How many others might do the same? So, I would suggest you need to think a bit broader when considering which roadmap features are important.
Derek , by the way, it is very easy to set up a Stripe account and then request Stripe admin to add payment processing option via the dashboard/website. Then you can create "authorisation hold" payments there. Also, if you do need to refund at any time, via Stripe you receive the transaction fee back as a credit, so not only do you not pay twice, it doesn't cost you any transaction fees if you refund.
@AlexL - Good to know about Stripe.
I've used Wave through several companies, while nice, I don't find many of the feature to work well when you really dig in and try to use them. I also agree, I want to use their services to pay them for what we use, but they seem to be non-responsive to make things work better for my businesses. I suspect their freemium business model limits their agility to create more value for their customers. We would be willing to pay a fee but through repeated requests, they refuse to change their business model. Although, their model probably works very well for their owners since they take all these nice cc fee's and then not adding any critical features many of us have asked for.
Derek , totally agree with you summary, but that's my point... your feature request will actually grow their revenue, but they don't seem to see it.