Introducing bank payments

September 11, 2017
5 minutes read

Over the course of the next month, Wave is rolling out a new way for small business owners to get paid online: Bank payments.

We’ve already talked about how relying on paper checks and not accepting credit cards is costing your business. In a world where more and more customers want to pay online, it’s high time to cash in on cashless payments.

Whether you already love the convenience of credit cards or you want more online payment methods for times when credit cards aren’t the right fit, we want to make sure you have the flexibility of choosing which payment method is right for you. Bank payments offer another great way for your customers to pay invoices online, straight from their bank account to yours.

Bank payments are the digital equivalent of paper checks. Forget the paper and say goodbye to the hassle of waiting for checks to arrive via snail mail before you can finally make a trip to the bank.

Get paid with bank payments in 3 quick, easy steps:
1. Send your invoices with a secure “Pay Now” button after you’ve turned on Payments by Wave.
2. Customers pay you instantly, right from your invoices by entering their bank information in a secure form.
3. Your payment is deposited into your bank account within 4 days.

Safe and secure
Bank payments enjoy an added layer of digital security which makes them much safer than paper checks. Also, bank payments don’t physically move through the postal system, so you aren’t as vulnerable to fraud. Wave is PCI Level 1 certified to safely and securely handle financial information so we can make sure your cash makes it from A to B in the safest way possible.

Get paid faster at affordable rates
Bank payments are available for just 1% per transaction. Get paid out in 4 days. No hidden fees or subscription costs, and you still get paid 3x faster than with paper checks.

Your bookkeeping is already done!
If all of that isn’t enough, don’t forget the magic part: When you get paid online using Payments by Wave — whether by credit card or by bank payment — your bookkeeping happens automatically. All your payment information flows seamlessly into your Wave account, and that means:

  • Your invoice status is automatically updated to Paid (or even “Partially paid” if that’s the case).
  • The income is automatically tracked in your accounting records and reports.
  • Your customer can automatically view and print a receipt when they pay.
  • You can set up automatic recurring credit card billing to automatically charge your customers on a custom schedule—perfect for your repeat customers or subscription offerings. You can’t do any of that with cash or check. With online bank payments and credit card processing, your books are instantly, effortlessly organized. Bank payments will become available in your Wave account over the course of the next month. If you’re new to Wave, you can start accepting online payments on your invoices through Wave today. Set up a 100% free Wave account and turn on Payments by Wave to accept credit card and bank payments on your invoices. Bank payments are only available for Wave customers in North America who are using Payments by Wave.

Get a free Wave account to enjoy bank payments

Wave’s free financial management software makes it easier to invoice clients, get paid, and manage your books. Simply visit, click on “Create your free account,” and enter your email. You’ll be up and running in seconds. Download a copy of Fearless Accounting with Wave to get started with confidence.

By Stephanie Leith

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

Create your truly free Wave account today.

Let's do this