Adding deposits to your estimates with Wave

Picture this: you meet with a potential client, wow them with your work and processes, and realize they’re just as excited about working together as you are. You want to secure them before someone else does, and they feel the same. So now what? Easy: a deposit.

Not so fast.

If you’ve been in this scenario (or one like it), you’ve probably found some sort of workaround for requesting a deposit — like creating a smaller invoice to act as the official deposit, or simply saying, “Don’t worry. A handshake seals the deal!”

The good news? Sometimes that works. The better news? You can now request deposits through your Wave estimates if you’re a Pro Plan or online payments user. And trust us, it’s a whole lot easier than the hacks you’ve been using.

Keep reading to learn how Wave’s new deposits feature works, how it helps your business, and how to set it up.

What’s the new deposits feature in Wave? 

Sending an estimate to a client? Now with Wave’s new deposits feature, you can request and accept a deposit payment, too.

No more DIY deposits or mental math. Simply request a specific deposit amount either as a flat dollar value or a percentage of the total estimate.

Let's break it down.

Meet Henri. He owns a successful landscaping company called Lawn and Order. It’s peak season and Henri’s prospective customers are lined up to secure a spot before summer officially arrives. Henri has had his initial meetings, appraised the work, and sent out estimates to 10 of those clients.

With deposits, Henri can officially request 20% up front to lock in each project from the get-go. No picking favorites. No waiting to see if Debbie on Duke Street actually wants to go forward with her fairy-themed flower garden. And best of all, no DIY deposits that Henri has to track on his own.

Instead, with Wave’s new feature, Henri gets the deposits, his customers get their favorite landscaper, and Henri’s summer becomes a lot more cash flow friendly.

(And yes, Debbie is first in line to get her mythical garden.)

What are the benefits of requesting deposits on estimates?

Here are some of the main benefits of requesting deposits from potential clients:

‍Interest turns into action: Requesting a deposit shows you’re committed and encourages your client to be, too. A financial investment, like a deposit, signals they’re serious about moving forward, and it helps you weed out less serious inquiries. This means more time saved for clients who want to pay, and less time wasted on trying to win the others over.

Cash flow improvements: Deposits provide upfront funds that can be critical for small businesses and solopreneurs. Instead of waiting until a project is complete, you get up front cash to cover startup costs like materials, labor, or equipment.
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Tracking income becomes easier: Deposits help keep your bookkeeping and forecasting organized. You’ll know when payments are coming in, who’s paying, and how that aligns with your project timelines, giving you a clearer picture of your cash flow.

Worry less about non-payments: We’ve all had (or feared) those customers — the ones who are “so excited to start!” or say they’re “on it!” but never actually send payment. That’s where deposits make a difference. By collecting a deposit up front, you can stress less knowing at least part of your fee is secured. (Even if the client ghosts later on.)

What types of businesses benefit from deposits?

Many types of businesses can benefit from deposits, especially if they provide specialized work or services. For example:

Contractors: Whether you’re a general contractor or a specialist (plumber, landscaper, millworker), deposits help cover labor, materials, or other startup costs that come with taking on a new job.

Creative freelancers: Writers, designers, producers, and other solopreneurs often spend time on pre-project tasks like research, planning, and pitching. Deposits help ensure that time is valued and better yet, paid for.

Event service providers: Professionals like photographers, musicians, florists, caterers, and even magicians (hey, payments don’t appear out of thin air) can all benefit from deposits. Deposits can help secure the booking and cover materials, food, and prep in advance.

How do deposits work in Wave? 

Logged into your Wave account? If you’re a Pro Plan or online payments user, you’ll have the option to add a deposit request when you create an estimate. You can set that to a flat amount or a percentage of the total estimate.

If you’re a Pro customer without online payments enabled, your client can pay the deposit via cash, check, or another payment method outside of Wave.

If you do have online payments set up, you can accept deposits online right through the estimate. Your client can pay their deposit directly from the estimate using a credit or debit card.

How to track deposits 

Now let’s get to tracking.

To stay organized and on-top of your clients and cash flow, you can manually record the deposit payment on each estimate. This amount will be applied to your client’s customer credit account, and their deposit will then be reflected on a customer statement.

When you’re ready to convert an estimate that includes a deposit to an invoice, just apply the deposit amount to the invoice as a credit. Then you can manually send your client a receipt for the deposit paid.

To get a better track of your work and cash flow, you can also view your estimates history to see what’s been sent to clients and what deposits have come in.

If your client has made an online payment directly through the Wave estimate, the deposit payment will be automatically recorded for you.

Wave customers with online payments

If your Wave account is already enabled with online payments, you’ve got two options for deposit requests.

1. Simply add a deposit request to your client’s estimate
2. Require a deposit payment from your client before the estimate can be accepted
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With Wave’s online payments feature, your client can pay their deposit directly from the estimate using a credit or debit card. Just a few clicks, and it's done! It’s a seamless transaction that accelerates the sales process, turning a prospect into a customer and securing the funds you need to kick off the project.

Once they’ve paid, they’ll automatically receive a receipt for their payment. Emphasis on automatically: you don’t have to do a thing. The deposit payment will flow into the Transactions view of your Wave account.

The deposit will then be reflected on the customer statement, and when you convert an estimate with a deposit to an invoice, you can apply the deposit amount to the invoice as a credit.

The bottom line? Accepting deposits with Wave’s online payments feature means fewer manual steps, faster workflows, and clean, up-to-date books. All without your calculator app or a DIY deposit.

How do I set up deposits in Wave?

If you're a Pro customer or a user of online payments, you can easily set up deposits on any of your Wave estimates. This feature will be automatically available for you to use.

For an in-depth look, we’ve outlined the steps below.

P.S. Not a Pro customer? Learn more about upgrading.

Step 1: Creating an estimate

For Pro accounts and those with online payments enabled, you’ll see a “Request deposit” button near the bottom of your estimate. All you have to do is click that to get started.

Step 2: Request a deposit amount

See that little box beside “Request deposit”? This lets you set up any deposit amount, either in dollar value or a percentage of the total estimate.

If you’ve got online payments enabled on your Wave account, you can set up the deposit so payment is required in order for the estimate to be accepted.

Step 3: Send an estimate with a deposit request

Once you’re finished setting up your estimate, just send it to your client with the deposit requested.

Step 4: Record a deposit payment

Whoa! Did the funds come in that quickly? Of course they did. Once the dollars are in, it’s time to record them. If your client has made an online payment directly through the Wave estimate, you’ll see that the deposit payment is automatically recorded for you.

If your client paid the deposit by cash, check, or any other form, you’ll be able to record the deposit manually, including noting the type of payment they’ve provided. Bonus: there’s also a notes section to keep things extra organized.

Step 5: Send a receipt to the client

If your client has made an online payment directly through the Wave estimate, the deposit payment receipt will be automatically sent.

If the client paid the deposit by cash, check, or other means, you’ll send them a receipt manually.

Get started with deposits on estimates today with Wave

Deposits are more than about securing payment and moving a sale forward. They help set the tone for a committed, professional relationship.

Deposits help filter out non-serious inquiries, improve your cash flow, make income tracking easier, and reduce the risk of non-payment. The result? More clarity, stability, and confidence as you take on new work.

Ready to send your first deposit? If you’re a Pro user or have online payments enabled, you can finally say goodbye to your DIY deposits and get started now. Not a Pro user? That’s easy to achieve. Learn more about upgrading your account to unlock game-changing features, like deposits, here.