Xero’s starting price is half the price of QuickBooks, which makes Xero a more suitable Wave alternative for freelancers on a budget. Wave and Xero also have some crucial, unique features in common, such as unlimited users, unlimited bank connections and optional invoice-based payment acceptance. Users can connect an unlimited number of bank accounts to Wave Accounting software, ensuring every transaction is accounted for and financial snapshots are up to date. While only Wave Pro users can access automated bank transactions and expense categorization, free users can manually categorize expenses by tax category to ensure their data is ready to go by tax time. Wave Accounting is an affordable bookkeeping and accounting software service that doesn’t sacrifice features for the sake of pricing. Its expense, income and cash-flow tracking features are perfectly suited to freelancers, solopreneurs and other self-employed individuals who want to keep their accounting software expenses low.

If you are on Wave’s paid Pro plan, you can set up recurring payments for repeat customers so these customers will be automatically billed every month. Wave’s products and services are somewhat limited in scope—they don’t offer a credit card reader to take card-present payments, for example. We don’t think Wave is the best choice for growing or mid-market organizations. Because Wave is free software, it does not offer the intricate capabilities of a paid platform. Additionally, it’s limited in integrations, so it does not provide the scalability for more popular financial software like QuickBooks.

This fee is charged on every transaction, including online payments and in-person sales. Waveapps charges a small fee for using credit cards, which can range from 2.9% + $0.30 per transaction. how much does wave charge per transaction The fact that Wave lets users create and send unlimited invoices and receive payment straight from the invoices for free makes it perfect for freelancers. From Free invoicing tools that let you shine professionally to expert advisory services, Wave offers a spectrum of options to fit your financial needs. With prices ranging from complimentary to specific pick-a-plan models, there’s a solution for every budget.

Need help finding the right software?

It’s not bad at all, but several services are better, with Zoho Invoice in particular coming out ahead – in fact, it supports every feature mentioned here. Free trials are great because your team can test the software (at least basic features of it) in your own time without the pressure of sales teams. The market is stacked with competitive accounting software options though, so check out our comparison page to see how the best of the best compare side by side. From its add-ons to its support options, there is a lot to discuss when it comes to this provider. So, scroll down to find out if Wave is right for your business, or use the links on the right to jump to specific sections. Learn the basics of credit card cards, including features, fees, and rewards to make informed decisions about your credit card usage.

Wave does not have live telephone support, although there is a number you can call if you have specific questions about the transactions on your monthly statement. The Terms of Service on Wave’s website features a “translation” of the legalese into plain, friendly language, making it easy to decipher just what you can expect and what’s expected of you as a Wave merchant. Wave integrates with many other popular business software programs, making it easy to add a Wave Payments checkout to your WordPress website. Your customers can also use the “Pay Now” button to make an ACH (bank transfer) payment or an EFT payment if they’re in Canada. When you opt-in to Wave Payments, you can attach a “Pay Now” button to your emailed invoices.

One notable limitation about Wave, a comprehensive financial management tool, is the absence of higher-tier plan options for growing businesses that might need a more extensive range of features. To review Wave, we set up a free Wave Accounting account that we used to create invoices, record sample transactions and generate financial reports. We also read verified Wave Accounting and Wave app reviews on third-party sites like Gartner, Trustpilot, the App Store, Google Play and more. FreshBooks came to life as an invoice- and billing-specific software program that expanded into a total accounting solution. Most popular accounting tools have at least a handful of built-in app integrations that make connecting with third-party services as painless as possible. For instance, Xero and FreshBooks’ native Gusto integrations ensure the accounting and payroll software sync with each other problem-free.

Wave Apps pricing: How much does it cost in 2025?

With Wave’s receipt scanning feature, you can snap a photo of your receipts and upload them directly to your account. I found this feature incredibly convenient, and you will too, as it saves time and reduces the risk of losing important documents. We provide different levels of support, depending on the plan and/or the add-on features you choose. Create and send unlimited professional invoices that’ll wow your customers, even if you’re a newbie. You can even take all the credit by removing the Wave branding from your invoice footer with the Pro Plan. However, if you have a high-risk business or a larger business with a high volume of transactions, there are better options out there for getting paid online.

This platform also provides customers with basic financial reporting and automated payment reminders. Time-saving features like scheduled payment reminders and automatic credit card payments. Connects seamlessly with Wave’s invoicing and accounting software, so you’ll always have the information you need in one place.

Built for small business owners like you

• All payment information automatically syncs with the free Wave Accounting software included in your service, making accounting easy.
• You can also receive unlimited income and expense tracking data, instant updates for invoicing, payroll and payments data and profit/loss reports.
• Its invoicing and online payment acceptance features can help you get paid while its reporting and money management tools ensure you stay on track for tax season and future business growth.
• However, FreshBooks, a competitor in the core accounting software category, has pricing plans starting at $15 per month for up to 5 billable clients.
• For example, if you process a transaction for $100, the fee would be 2.9% of $100, plus $0.30, totaling $3.20.

While Wave’s core features are free, there are costs for additional services like payroll and payment processing. Payroll pricing varies by state, and payment processing fees are competitive with industry standards. It’s important to evaluate these costs based on your business needs to determine if Wave is the right fit for you. Square and PayPal offer competing invoicing and online payment processing services, also with “freemium” plans that charge no monthly fee for basic features. Payment processing fees for these three vendors are all pretty similar, but there are some differences. Wave is a free, cloud-hosted accounting software that lets you track income and expenses, reconcile your bank accounts, snap photos of receipts, and send professional-looking invoices in a few clicks.

See all payments features

• Your must input your login information to connect the Wave invoice app to your online account.
• Feel confident knowing your business and customer data are protected by the highest level of certified bank-grade
security practices.
• However, there are paid features such as payroll and payment processing that come with additional costs.
• Wave offers some of the strongest functionality of all the best invoicing services for small business.
• Xero is responsive and intuitive, with core accounting features in billing, invoicing, purchasing, and expense tracking.

Each plan caters to a specific business size and type, offering features that are essential for efficient financial management. While the vendor does not publish pricing information, users can easily compare the features of each plan to determine which one best suits their business needs and budget. When it comes to implementation costs, Wave is known for its user-friendly interface, which simplifies the setup process. On average, businesses can expect to spend anywhere from a few hours to a few days setting up the software, depending on the size and complexity of their operations.

You can also receive unlimited income and expense tracking data, instant updates for invoicing, payroll and payments data and profit/loss reports. Wave Accounting is generally considered affordable compared to other accounting software. It offers a Starter Plan that includes essential key features like invoicing, accounting, and receipt scanning.

Wave is PCI Level-1 certified for handling credit card and bank account information. Our opinions are our own and are not influenced by payments from advertisers. This content is reader-supported, which means if you leave your details with us we may earn a commission. For those looking to ditch physical documents, the software will let you backup your businesses receipts, too. This will allow your organization to keep important transaction data in the cloud, and make it easier to keep up with legal requirements. Discover the pros and cons of using credit cards or card for purchases, including benefits and risks, to make informed financial decisions.

The payroll service costs $35 per month base fee plus $6 per employee per month, while credit card processing fees are 2.9% + 30 cents per transaction. Wave Apps offers a free accounting software, making it an attractive option for small businesses and freelancers. However, FreshBooks, a competitor in the core accounting software category, has pricing plans starting at $15 per month for up to 5 billable clients. In comparison, Wave Apps charges a processing fee for credit card payments and payroll services, which can add up depending on the volume of transactions. Yes, Wave offers free accounting, invoicing, and receipt scanning services. However, there are paid features such as payroll and payment processing that come with additional costs.

Plus, the professional look of the invoices can impress your clients, enhancing your business’s credibility. To evaluate some more payment processing options that offer online invoice payments, head over to our list of the best payment processing companies. There are also a lot of positive reviews of Wave, particularly on GetApp and G2. While many of these positive reviews have to do with Wave’s software rather than its payment processing services, most software users do seem to use Wave’s payment processing. The following are common themes when it comes to user praise for the company. Wave’s flat-rate processing fees depend on your plan; other standard fees, such as ACH transfer fees, do not vary based on plan.

The software integrates smoothly with major banks, allowing for effortless transaction imports. Wave supports its own first-party payment processing, but won’t allow any third-party integrations to process payments through the Wave platform. Wave’s payment processing fees are also worth noting, with the starter plan charging from 2.9% + 60 cents per transaction, and the pro plan charging from 2.9% + a flat fee. If you have a low-risk, low-volume business and send out a limited number of invoices per month, Wave is a pretty good bet, as long as you don’t need to accept in-person payments.

Wave’s payroll service’s functionality is defined by whether you live in a state that allows a third-party service to file for you, or if you need to do it yourself. You’ll receive the money in your account in 1 business day (Canada), or 2 business days (US)1. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business. Accounting and Finance software vendors have different prices based on the subcategories into which they fall.