What feature related to deposits in Invoicing would have the largest impact on your business?

AlexLAlexL Administrator Posts: 2,869 admin

We've seen requests to add a deposit feature within our Invoicing platform in Wave. We'd love to hear how, if implemented, you would use this feature and what functionality you'd like to see come along with it.

What feature related to deposits in Invoicing would have the largest impact on your business?

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Comments

  • ASPSASPS Member Posts: 13 ✭✭
    Instalments (with notifications)
    I’m not certain I understand the question posed, but for clarity, in my business, a minimum of a 50% deposit is required for a service to commence. This deposit is applied to the bill and is non-refundable, but transférable.
  • HawpHawp Member Posts: 6
    Pre-payments
    On my business I collect a 50% deposit to pay for materials. My customers have been very happy with this system but I do need to explain to them that the billing system I use (wave) doesn't recognise deposits as a valuable tool. They are baffled.
  • shanebeeshanebee Member Posts: 1

    None of those options are currently relevant to me. I think game changer(s) would be sorting/tagging of estimates/invoices/payouts and administration level notes (that are not viewable by the customer).

    edited October 31, 2019
  • camoricamori Member Posts: 1

    None of the above. Most useful to me is group or batch invoicing, such as Quickbooks 2019 has, where I can create a group and then make one invoice that applies to all. This is our ONLY reason to stay on QB 2019 for invoicing, because otherwise I'm thoroughly enjoying the user-friendly interface of Wave.

    For instance, we have several advertisers that have the same type of ad in one month, and not having to invoice each of them individually is a huge timesaver. I can create "one" invoice, but it creates a brand new invoice for each business. Recurring invoicing doesn't work, because some months we have 4 weeks, and some months we have 5 weeks, and duplicate doesn't either, as we need to delineate the month and issues that the ads ran.

  • tsjworxtsjworx Member Posts: 2
    Instalments (with notifications)

    We are migrating from 17hats to wave. One of the things we loved about 17hats was creating 1 invoice and then dividing it up into multiple payments. You could schedule it for up to 12 payments. There were a few ways it worked. It's the primary thing we hate to lose by switching.

  • finleydesignfinleydesign Member Posts: 3

    After meeting with my accountant this morning, we have had to decide that unless the sales order type setup is not done with Wave we would need to move away, the sales order is in essence like a deposit etc, you should review how other accounts package works.

    Customer will go from Quote > Sales Order > Invoice

    I love Wave but they way deposits work, we need the accounts to setup this way or as I say sadly I'll have to move away

  • VirgilVirgil Member Posts: 23 ✭✭
    Pre-payments

    It would be useful to request an initial payment of X% against an invoice or indeed an estimate.

    In the case of the estimate, the initial payment is what's required for us to start work on the project. The final fee however isn't known until the project ends, and the difference is settled.

  • ConCon Member Posts: 3
    Pre-payments

    I am new to wave. currently use quickbooks. I want to move all my business over but I currently do a 50% deposit on all orders and I can reflect that on my quickbook invoices. this is a feature they offer in quickbooks and one that i definately need. Cant move over to wave till this option is avilable.

  • ICS_SeanICS_Sean Member Posts: 2
    Instalments (with notifications)

    I voted installments as it is closest to what I would like to see added, but not exactly. What I would like to see is a way to apply payments to multiple invoices. For example, if I have a client that pays a monthly service charge but misses a payment, the next month that client is likely to write a single check for both payments.

    As it currently stands, I have to log a payment to both invoices, which results in 2 transactions of different amounts than the actual deposit. Then when I reconcile my account, I have an invoice transaction for x, another for y, and a bank transaction for x+y that ends up getting deleted to make the balance match.

  • DarthDarth Member Posts: 1
    Instalments (with notifications)

    Instalment + option to choose what paper size to use for Invoicing, A4,A5,Letter etc. A5 in particular.

  • _Derek__Derek_ Member Posts: 51 ✭✭
    Deposits (refundable)

    Implement CC holds or Limits on CC fees for Deposits!

    We need to collect large refundable damage deposits for high value items that we rent. We've tried creating item and just charged for it and then issuing a refund but the 2.9% upfront and on the return is pretty much a deal killer at this point.

    Options:

    • Ability to create a deposit like a tax as which which place a hold on that amount rather than charge the credit card. 90% of the time there isn't' an issue so I would envision a filter on the invoices to show "invoices with holds" and then being able to go into the invoice and either click "Release the hold" or "Charge". When clicking charge, it would prompt you for how much of the "Hold" monies to charge and a expense account to put it into. (something along those lines...)
    • The other option with be similar except the "deposit" 2.9% would be refunded if that line item is refunded to the customer. This might be a better option with ACH transactions.

    The point is the 2.9% on $2,000 to $10,000 on both sides (purchase and return) are insane. A $10,000 rental cost us $600 payment to WAVE just to process a refundable damage deposit. Not sustainable.....

    edited September 17, 2020
  • _Derek__Derek_ Member Posts: 51 ✭✭
    Deposits (refundable)

    Implement CC holds or Limits on CC fees for Deposits!

    We need to collect large refundable damage deposits for high value items that we rent. We've tried creating item and just charged for it and then issuing a refund but the 2.9% upfront and on the return is pretty much a deal killer at this point.

    Options:

    • Ability to create a deposit like a tax as which which place a hold on that amount rather than charge the credit card. 90% of the time there isn't' an issue so I would envision a filter on the invoices to show "invoices with holds" and then being able to go into the invoice and either click "Release the hold" or "Charge". When clicking charge, it would prompt you for how much of the "Hold" monies to charge and a expense account to put it into. (something along those lines...)
    • The other option with be similar except the "deposit" 2.9% would be refunded if that line item is refunded to the customer. This might be a better option with ACH transactions.

    The point is the 2.9% on $2,000 to $10,000 on both sides (purchase and return) are insane. A $10,000 rental cost us $600 to WAVE to process a damage deposit.
    Not Sustainable...

  • _Derek__Derek_ Member Posts: 51 ✭✭
    Deposits (refundable)

    Add a required contract to collect payment


    In addition to the accept TOC terms, it would be nice to require completion of a form

    Use Case & Background
    Our business does a couple of things but rental of equipment is upcoming. We would like to see an option that requires completion of a rental agreement document prior to being able to pay. So two-way integration with a service like Formstack that would auto populate fields with WAVE's data and collect signatures prior to allowing the customer to pay the invoice. Basically - we don't want to collect monies unless they've agreed to the rental agreement.

  • _Derek__Derek_ Member Posts: 51 ✭✭
    Deposits (refundable)

    Self-Service Estimates/Quoting


    A self-service estimating/quote option that could be integrated into a website (like your payments) would go a long way to eliminating wasting time manually collecting this data.

    Use Case & Background
    Our business does a couple of things but rental of equipment is upcoming. We spend a lot of time talking with people who want to to know the price of something and want quotes. We think a self-quoting system would be a great addition to Wave's services.

    The scenario I'm thinking is that when you create a product, you can apply a tag to the item that would present itself in a form. The potential customer can then choose from the available products/services they want to create their own quote. A complex version might include conditional items such once a customer has selected Product A, they would be presented with up-sale items such as the support terms and discounts. (The seller would maintain control over price, discounts, TOC, Terms, etc.) The customer can email the quote it them themselves and WAVE would store a copy. The customer can then use the form to sell to their management and create a PO. We could manually review the quote and turn it into a invoice when the customer is ready. Linking to email service like mailchip that could automatically send reminders and followups to make the purchase. Slack notification that a customer created a quote with a direct link to the quote would be a plus.

  • _Derek__Derek_ Member Posts: 51 ✭✭
    Deposits (refundable)

    No comments on this feature?

  • AlexLAlexL Administrator Posts: 2,869 admin

    Derek , no comments at the moment other than our pre-existing invoice deposit workflow. As it wasn't mentioned before, thank you for your in-depth descriptions on these feature ideas.

  • jnprjnpr Member Posts: 6
    Deposits (refundable)

    Who do you think your customers are? The ability to request a deposit / partial payment is so common in business I can't think of invoicing software that doesn't have this built in.

    edited January 27, 2021
  • ThirdeyestarThirdeyestar Member Posts: 1
    Deposits (refundable)

    Why not all of these features? But above all PLEASE work on deposits. Nearly if not all other invoicing software has this and deposits are incredibly crucial for anyone who runs a business that is based on commitment, materials needed to be purchased to provide the service, and garueentee of sale.

    I'm actually quiet shocked that this isn't a feature already and believe me, this isn't a matter of "if" or "will" people use it, of course tons of people who use wave would take advantage of deposits. I hope to see this available in the near future

  • AdamNitroAdamNitro Member Posts: 1

    Has this been fixed? The conversation goes back to 2018 and Wave said they were working to get something implemented. I need the ability to request a deposit payment in my invoices. This is quite easy to do on competing software like Freshbooks.

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