Money on Hold

KaiKai Member Posts: 8
I signed up for wave a month ago, and I’ve used the payment processing twice in order to test to make sure things were coming out the way I wanted. When I completed my actual first transaction which was for a significant amount of money ($3,553.50), a day before my payout I get an email saying they need more information about my account. I send over the information right away. Two days later, I get an email saying I’m no longer qualified for the payment processing. Why? I’m not told. I can’t even access the payments section on my account. I’ve been trying to contact by email no matter what I write I keep getting the same email with different sections deleted but it’s the same email. This is really terrible because I need those funds and now I’m being told I have to wait 65 days. We’re in the middle of a pandemic, I don’t have 65 days to wait for payment processing service that was supposed to be “the fastest way to get payed”. Had I know that my account could be blocked that way beforehand, I would have found another service. And I find it peculiar that my account is only blocked after I completed a big transaction. The worst part is that I can speak with anyone and when I contact by email, I’m getting automatic emails saying the same things. I’m strongly considering getting my attorney involved.

Comments

  • KiahDKiahD Administrator Posts: 95 admin

    Hey @Kai ,

    I've taken a look at your correspondence with our Risk Team via email, and it looks like you were denied for payment processing with us without the option for re-evaluation. When a business applies for Wave Payments we review multiple factors to determine if the business is the best fit for payment processing with Wave. In this case, Wave’s payment processing terms don’t align with your business I'm afraid. I'm sorry for the frustration and inconvenience that this has caused you.

    If you have any more questions, please direct them to the Risk Team via email. They will be more than happy to assist you.

  • KaiKai Member Posts: 8

    Hello @KiahD ,
    Thank you for replying. I had not been notified beforehand that my business didn't align with Wave's payment processing terms. I filled out all the information that was asked of me and I did two trial payments to make sure it was working the way I intended and that there were no hiccups. Had I been notified beforehand I would not have used the service and would not still be missing these funds. I don't know what exactly about my business doesn't align with Wave's payment processing, but regardless why wasn't I notified about this until I made the first big transaction? I'm no longer trying to use Wave's processing but I would like the funds for this transaction to be released into my account. Its been months and the transaction hasn't been disputed (which I've been told is what the Risk Team is concerned about), I gave all of the information that was asked of me, the least Wave could do for causing this inconvenience to me (and it has been a great inconvenience because I was expecting these funds more than a month ago) is to release the funds into my account. Thank you.

  • KiahDKiahD Administrator Posts: 95 admin

    Hi @Kai,

    I understand this isn't an ideal situation for you, and I am sorry for the inconvenience caused. However as a member of Customer Support, I don't have a lot of insight into this process, or how the funds from the invoice payment will be handled.

    I am also not qualified to make decisions, or carry out actions on wave users' Payments accounts. If you would like to discuss this further, please reach out to the Risk Team directly by replying to their emails. Thank you!

  • KaiKai Member Posts: 8

    @KiahD,

    Hello,
    I've sent various emails and every time I get automated responses and at some point the emails stop altogether. What am I supposed to do to get my money? This is getting very ridiculous.

  • AlexLAlexL Administrator Posts: 2,837 admin

    Hey @Kai , as our Risk team stated in their emails:

    Your bank payments will be held for 65 days, the industry standard return window for ACH
    payments. If it has not returned in that amount of time it will be refunded back to the account
    holder.

    If your client require the funds sooner, they will need to initiate a return from their bank directly.

    Based on your email correspondence with the team, these are the only two options which have been laid out for you.

    edited April 2, 2021
  • KaiKai Member Posts: 8

    @AlexL
    Hello,

    After being held for 65 days, where will the funds return? And what account are you talking about? My Wave Account? or my bank account?

  • AlexLAlexL Administrator Posts: 2,837 admin

    @Kai the funds will be refunded back to your customer (the account holder).

    edited April 2, 2021
  • KaiKai Member Posts: 8

    @AlexL
    You didn't answer my first question. I understand that the funds will be refunded back to the customer if the payment hasn't returned in 65 days, but where will the funds return?

  • AlexLAlexL Administrator Posts: 2,837 admin

    @Kai the funds will be returned to the account that they were paid out of.

  • KaiKai Member Posts: 8

    @AlexL @KiahD
    So the funds should return to the customer's account in 65 days, and if they don't they will be refunded to the customer's account. How will it be refunded, through a direct deposit or a check? And what date will be day 65?

  • NHDNHD Member Posts: 2
    We just signed up trying to move from clover. I’ve been searching everywhere to see what Wave limits are but reading this I’m not sure they have? Our average ticket is over $1500 so this is scary.
  • NHDNHD Member Posts: 2
    > @Kai said:
    > @AlexL @KiahD
    > So the funds should return to the customer's account in 65 days, and if they don't they will be refunded to the customer's account. How will it be refunded, through a direct deposit or a check? And what date will be day 65?

    And sorry to be nosey but looks like they’ll refund the customer so it will just appear as a credit in their account. Then after it clears on their side you figure out how else to get paid. The other question is, will you get the processing fees back?
  • JulianPJulianP Administrator Posts: 850 admin

    Hey @Kai !

    Correct, bank payments will be held for 65 days, the industry standard return window for ACH payments as mentioned in the Risk Team's email. If your customer doesn't issue a stop payment through their bank in that period of time, the funds will be refunded back to the account they made the payment with. It will be refunded (including processing fees) via an ACH deposit. From what I understand, the 65th day will be April 16th. If you have other questions or concerns about this please feel free to respond back to the Risk team email directly. They will gladly assist you further.

    Hello @NHD !

    After taking a closer look on the back end, I can see that one of our support agents assisted you with this via your ticket request. If you have any other questions, don't hesitate to reach back out. :smile:

    edited April 16, 2021
  • KaiKai Member Posts: 8

    Hello @JulianP @AlexL @KiahD,

    The refund will have to be distributed through check or another method because the customer no longer access to the original account.

  • KristenVKristenV Administrator Posts: 90 admin

    Hi @Kai , Wave is not able to process refunds to an account that is different than the one used to make the original payment. As such, the refund will go to the original account that was used to make the payment. If your customer is not able to access their account at this time, I recommend having them reach out to their bank directly.

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