Agree with our rating?
Leave a comment below
Payments by Wave 2023: Card Processing Reviews & Complaints
Agree with our rating?
Payments by Wave is a credit card processing service offered by Wave Accounting Inc., a Toronto-based software provider. Wave was founded in 2009 and has since expanded its initial service (free online accounting software) to include invoicing, payroll, personal finance, PayPal integration, and receipt management.
Payments by Wave Payment Processing
The company appears to have debuted its debit and credit card processing service in late 2012, with its mobile payment service for iOS still in beta testing. The company also provides merchants with accounting, invoicing, payroll, and receipts services. Payments by Wave offers merchant accounts through Vantiv (and previously used Stripe), but the service is activated through the company’s accounting software rather than through Vantiv’s website.
Easy-to-Use Payment Gateway
The easy-to-use payment gateway offered by Payments by Wave enables businesses to accept credit card payments through their Wave invoices or custom payment pages. With a simple setup process and intuitive user interface, small businesses can quickly start accepting payments without the need for extensive technical knowledge.
Transparent Pricing Structure
Payments by Wave offers a transparent pricing structure, with no hidden fees or long-term contracts. Small businesses can benefit from the pay-as-you-go pricing model, which allows them to pay a fixed fee per transaction without any additional monthly costs or setup fees. This pricing model is particularly advantageous for businesses with fluctuating transaction volumes.
One of the key features of Payments by Wave is its seamless integration with Wave’s invoicing platform. This integration allows businesses to create and send professional invoices, track payments, and automatically update their accounting records, simplifying the entire invoicing and payment collection process.
Fast Deposit Times
Payments by Wave aims to provide small businesses with fast access to their funds by offering quick deposit times. Most transactions are deposited within two business days, ensuring that businesses have timely access to their revenue and can effectively manage their cash flow.
Mobile Payments with Wave App
The Wave App allows businesses to accept payments on the go using their mobile devices. By enabling small business owners to accept credit card payments from customers wherever they are, the Wave App provides an additional layer of convenience and flexibility.
Strong Security Measures
Payments by Wave employs robust security measures to protect sensitive customer data and ensure secure transactions. The service is PCI DSS compliant and utilizes strong encryption methods to safeguard payment information, providing a safe payment processing environment for small businesses and their customers.
Location & Ownership
Vantiv is sponsored by Fifth Third Bank as its acquiring bank, and Wave is headquartered at 155 Queens Quay E Suite 500, Toronto, ON M5A 0W4, Canada. Kirk Simpson is listed as co-founder of Wave Accounting while Zahir Khoja is CEO.
Table of Contents
- Costs & Contract: Offers month-to-month, pay-as-you-go…
- Complaints & Service: Complaints number fewer than 10 on…
- BBB Rating: Has an “A+” rating and has received 173 complaints and 30 reviews in the past 3 years. The company has been…
- Sales & Marketing: Does not engage in misleading sales tactics and has not…
Payments by Wave Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Low Complaint Volume
We are currently able to locate a number of negative Payments by Wave reviews, some of which accuse the company of being a ripoff or a scam. These complaints mostly describe fund-withholding problems through Wave, which is consistent with complaints that are typically filed against its previous processor, Stripe. Many of the other Wave complaints we have found are related to the company’s accounting software, which is a service that is only indirectly related to the company’s Payments service. If you have your own Wave review to make, please do so in the comments below.
Wave Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Wave. However, it appears Wav was fined three times for consumer protection violations Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Wave Customer Support Options
The Wave customer service staff appears to respond actively to client questions and concerns on the company’s website and in the comment sections of independent reviews of their product. Wave does not publicly offer any dedicated contact information for its customer support department, and some reviews mention that there is not an easily accessible customer service phone number. Additional support may also be available within the Wave Accounting software, but for now, Payments by Wave does not qualify as a top-rated payment processor for great customer service.
Payments by Wave Online Ratings
Here's How They Rate Online
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Over 170 Complaints
Wave Accounting Inc. has been an accredited business with the Better Business Bureau since September 2013 and currently maintains an “A+” rating. The company is showing 173 complaints with the BBB.
What Merchants Say
In addition to the 173 complaints filed against the company, Payments by Wave has also had 30 informal reviews filed against it. All but 1 complaint reflect negatively on the company. The most recent review concerns issues with the app:
I have used Wave for several years. In October, it stopped importing transactions. After two weeks of working with the Chat support because I can’t find the phone support, I am told that this is *****’s problem not Wave’s problem and I have to download my statements. I don’t trust this organization and software *** **** ******** **** ** ** *******. What company that wants to grow tells customers that it can’t fix their problems?
High-risk businesses face unique challenges for a multitude of reasons. Those factors can make finding a suitable merchant account difficult. Businesses confronted by these issues should research their best options for merchant accounts serving high-risk industries.
A “B” Performance
The complaint details provided by the BBB strongly suggest that most of these complaints are related to fund-holds placed by Stripe on transactions made through Payments by Wave. As a result, we have adjusted the company’s BBB rating to a “B” for our purposes.
Payments by Wave Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||No|
|Processing Rates||2.9% + $0.30|
Processing Through Vantiv
Wave offers electronic payment processing through Vantiv. Unlike most merchant services providers, Wave primarily intends for businesses to utilize its payment service when sending invoices to customers. The Vantiv payment processing service is a part of the overall Wave Accounting app rather than the company’s primary service.
Payments by Wave Pricing
Payments by Wave’s costs and fees are exceptionally straightforward, as all transactions are subject to the same flat fee of 2.9% plus $0.60 except AMEX, which is 3.4% plus $0.60. ACH payments are assessed a fee of 1%, but the minimum Wave fee for those transactions is $1. This means that any ACH payment from $0.01 to 100% through Wave will cost at least $1. Wave also allows users to send direct bank-to-bank transfers for 1% per transaction, although the processing time is a little longer. The company does not charge an early termination fee or a PCI Compliance fee, and clients are free to cancel their service at any time.
No credit card terminal is necessary with Wave’s platform. The service generates invoices to facilitate online payments. This gives businesses the benefit of being able to avoid costly, non-cancellable equipment leases.
Vantiv Contract Complaints
We have rated Vantiv’s contract terms a “C” because of the company’s high complaint volume. Most of these negative Wave reviews stem from Vantiv’s pricing and billing practices, but these are superseded by the specific pricing options offered through Payments by Wave. Wave is not one of the cheapest merchant account providers, but its terms are otherwise competitive within the industry. Given the fact that Wave’s pricing negates the worst aspects of Vantiv’s contract terms, we have assigned the company an “A” rating in this section. Payments by Wave’s merchant agreement can be seen here. We also encourage business owners to check out our list of the providers of the best merchant accounts.
Payments by Wave Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||No|
|Discloses All Important Terms||Yes|
No Sales Complaints
Wave appears to rely primarily on its website and traditional advertising to market its Payments app. The company does not employ independently contracted sales agents, and we are currently unable to locate any negative Payments by Wave reviews that accuse the company of misrepresenting its terms. This compares favorably to our list of best credit card processors.
No Deceptive Ads
Additionally, the Payments by Wave website does not appear to engage in any deceptive advertising strategies. We have therefore assigned the company an “A” rating in this category for the purposes of this review. If you suspect that Payments by Wave is charging you undisclosed fees, however, we recommend seeking an independent statement audit to spot hidden charges.
Copyright © 2023 CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice. We may earn revenue if you obtain services from a provider that we recommend. See this page to learn how we support our operations.