Wave's online payments feature lets you accept bank payments, quickly and easily. Approval is subject to eligibility criteria, including identity verification and credit review. Payments are a pay-per-use feature; no monthly fees here! Your deposit times may vary based on your financial institution. All payments explicit and implicit costs definition and examples are subject to a risk review and periodic credit risk assessments are done on business owners because we need to cover our butts (and yours).

QuickBooks Online is the most expensive service I reviewed; it starts at $99 per month but goes well beyond the capabilities of Wave. The rate that you charge for your freelancing services can vary, so it's important to get a grasp of market trends before sending your clients an invoice or quoting a price. Freelance rates can differ depending on experience level and industry. For example, the rate a freelance web developer charges may be different than that of a freelance graphic designer, because each freelancer specializes in a different area. A common issue when invoicing in Microsoft Word, Excel, or other DIY solutions is making calculation errors.

Wave has 14 reports, about half of which relate to Wave payroll (the company supplies full-service payroll to 14 states currently; the rest require self-filing of payroll taxes). You shouldn't expect much more given the scope of the site, but it does offer the standard financial reports that accountants like to run and analyze, like Balance Sheet and Cash Flow. Reports aren't very customizable, but you can export them as CSV and PDF files. Xero Early is a dollar cheaper (starting at $15 per month), but it places a limit on invoices. You can get full-featured accounting with no limits through Patriot Software Accounting ($20 to $30 per month).

Apply to accept online payments

Wave's setup process can be quick or time-consuming, depending on whether you create all of your contact and product or service records up front. If someone other than you needs access, you can choose among multiple roles that limit a user's ability to view, edit, enter, and delete information. That said, QuickBooks provides deeper, more granular user permissions.

Priced right for small businesses

Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. You can accept credit cards and bank payments for as little as 1%2 per transaction. With Wave's Pro Plan, you can set up recurring invoices and automatic credit card payments for your repeat customers.

1. Wave has 14 reports, about half of which relate to Wave payroll (the company supplies full-service payroll to 14 states currently; the rest require self-filing of payroll taxes).
2. Xero Early is a dollar cheaper (starting at $15 per month), but it places a limit on invoices.
3. This page displays cash flow, expense charts, and profit and loss.
4. It's been one of the best decisions I've made when it comes to making sure my accounting is on point.
5. Schedule everything, from invoice creation and invoice sending, to payment collection and overdue payment reminders.
6. "It’s not just a cool piece of software, it is giving peace of mind to people.” You deserve to know your taxes aren't something you have to sweat over the entire calendar year."

Everything else is available as a part of Wave Pro ($16 per month), which I reviewed. This includes many critical features, including the ability to connect to bank accounts for importing (and categorizing) transactions and send forms automatically through Wave. You can configure Wave to automatically add attachments to transactions, create reusable message templates, and send payment reminders. Adding payroll capabilities or soliciting help from a bookkeeper ($149 per month) still costs extra. Electronic invoices are created with online invoicing software or other cloud-based services, which makes it easy to automate the invoicing process.

With a Wave Pro subscription, you'll have recurring billing and other automation features. Schedule everything, from invoice creation and invoice sending, to payment collection and overdue payment reminders. Our servers are protected physically and electronically. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. Create beautiful invoices, accept online payments, and make accounting easy—all in one place.

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Wave is also PCI Level-1 certified for handling credit card and bank account information. Multi-factor authentication is a requirement for bank connections through Plaid, too. With Wave’s web-based invoicing software, you can create and send invoices for your business in just a few clicks from your computer. If you’re on-the-go, you can also send invoices from your phone or other mobile device using the Wave app.

Manage your money like a boss

We provide different levels of support for customers who use different features and services from Wave. Full details on how Wave support works are available here. Wave was designed specifically for small business owners like you – no CPA required.