So, you’ve put in the work to complete a project and received a check as payment. Well done! Time to head to the bank to deposit it, right?
Not any more. Wave Money now includes mobile check deposit, letting you deposit a check quickly and easily on your phone–for free.
Even better: When you deposit a check through your Wave Money app, it will automatically match the payment to the correct invoice in Wave and mark it as paid. Magic? We like to think so.
If you want to learn more about how Wave Money mobile check deposit can save your valuable time and hard-earned money, read on.
What is mobile check deposit?
Mobile check deposit allows you to deposit a check in your bank account using your phone. It cuts out the need to visit a branch or ATM, letting you make deposits from wherever you like, whenever you like.
How do I make a mobile check deposit with Wave Money?
It’s super-easy. To learn how, simply watch the video or follow the instructions below.
- Sign in to the Wave Money mobile app
- From the home screen, select Deposit
- Follow the prompt to take a photo of the front of the check
- Do the same for the back of the check
- Enter the check amount, full payee name, and optionally, a memo
- Select Continue
- Confirm your deposit by selecting Deposit now
Once complete, you can either return to the main page of the app or deposit another check. We recommend holding onto the check for 90 days after you make a deposit.
Why choose mobile check deposit?
No need to travel
Searching for an open bank branch. Getting there. Waiting in line. Heading back.
The time it takes to deposit a check in person adds up quickly. And given how busy small business owners already are, this is valuable time that could be spent on other tasks. By depositing a check with your phone, you can take back your time to focus on other parts of running your business and get back to doing what you love.
Cut down on manual bookkeeping
Normally, when your invoice is paid by check you'd manually have to mark the invoice as paid so that Wave can keep your accounting records "reconciled" with your business bank account (reconciliation is basically just a fancy way of saying that everything matches).
When you use mobile check deposit on the Wave Money app, you won't have to do any extra work–our auto-reconciliation feature will automatically match a check deposit to its corresponding invoice.
This feature helps eliminate duplicate, incorrect, and missing transactions in your records, but there's another big benefit: you'll also have a clearer sense of who has and hasn't paid you, making it easier to keep track of overdue invoices and take action.
Bank on your schedule
On top of saving time, you’ll also enjoy the freedom of banking on your own schedule. Workdays can be hectic, and you’re focused on earning money, not depositing it. Mobile check deposit breaks you free of banking hours and puts you in control.
Deposit without the fees
Many traditional banks charge transaction fees for in-person deposits. The more frequently you make manual deposits with a teller, the more likely you are to have fees add up. This is an unnecessary expense that can leave you with less money and more frustration.
On the other hand, when you deposit a check through the Wave Money mobile app, there’s no fee. So you hold onto more of your hard-earned money every time you’re paid.
Once deposited, checks require 5-8 business days before funds can be accessed. Maximum $5,000 USD per deposit and $20,000 USD in mobile check deposits per calendar month.
All in all, mobile check deposit is a great way to simplify getting paid. It’s fast, safe, easy, and reliable. And given how much has moved online this past year, the arrival is perfectly timed.
Get started with Money
Haven’t signed up for Wave Money yet? Check it out and see how it can transform how your small business banks.
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.