This is a bit of an oversight that puts Wave solidly below a handful of the top services – including FreshBooks, QuickBooks Online, Xero Invoice, and Square Invoices – when it comes to analytics. However, Wave doesn't support additional report customization beyond these abilities. It also provides a range of reports in two categories: Business Purchases, and Accounting. Wave supports and tracks sales taxes and receivables, including those grouped by customer and aged receivables. Wave includes a billing portal, so you can easily keep track of your revenue. This makes sense – after all, Wave wants to guide all its free users towards its own payment processing fees – but it's a restriction that will annoy any small business that's already happy with another payment service. Wave supports its own first-party payment processing, but won't allow any third-party integrations to process payments through the Wave platform. It also allows you to send and receive invoices through the Wave mobile app, so it's easy to use while on the go. Wave fully delivers on its invoicing delivery tools: The service lets you easily set up recurring invoices (a key time-saving feature), supports payment reminders, and tracks invoices so you'll know when they've been opened. It's not bad at all, but several services are better, with Zoho Invoice in particular coming out ahead – in fact, it supports every feature mentioned here. This makes Wave ultimately a middle-of-the-road service for invoice creation specifically. Missing features? An invoice by Wave won't add tracked hours, won't display discounts, and doesn't allow file attachments. The invoices can calculate taxes and create estimates, while offering multi-currency support – all useful features for a versatile invoicing service. While the number of core templates is a little low at just three, you'll be able to add a company logo, customize colors, and include customer notes. Wave offers a decent range of invoice creation tools and abilities. Here's a table with some real-life examples of the three different types of payment processing fees you'll see while using Wave Invoicing: Regardless of which options you're using for payments, the core invoicing ability that Wave offers remains free. Either $1 or 1% for ACH bank payments (whichever's more).3.4% plus 60 cents per transaction for American Express.2.9% plus 60 cents per transaction for Visa, Mastercard, and Discover.But if you want to add the ability to accept payments with your invoices, you'll need to pay a processing fee.ĭepending on what service you use, you'll have one of three options: Wave is a free accounting software for small businesses that want to handle invoicing, accounting, and receipt scanning. The break down of the transaction costs and what features you'll get can be a bit complicated, so read on for a full summary, as well as the pricing behind Wave's Payroll add-on. It's not just for invoices, either, offering general finance management tools as well. The Wave platform has high invoicing functionality and great customer service options, even if a few features are limited. With no monthly cost, you'll only have to pay for sales you actually close. However, you will pay a processing fee for any money collected through the service: This fee is 1% for bank payments, and 2.9% + 60 cents for credit payments (or 3.4% plus 60 cents for American Express). Wave Invoicing is free, in the sense that it comes with no monthly charge.
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