Frequently asked questions about the Wave Business Debit Card and Wave Money

SystemSystem Posts: 412 admin

imageFrequently asked questions about the Wave Business Debit Card and Wave Money

Wave Money is currently in limited release. Search another help topic?

The Wave Visa Business Debit Card is designed for small business owners like you! It is a new way to move and manage your mo...

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edited February 1, 2020 in Help Center Discussion


  • MikeyMMikeyM Member Posts: 1

    Hey Zoe, will I be able to process payments to suppliers, credit cards, etc if/when this app goes live? thx! Mike

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hi @MikeyM . You can't pay bills directly, but you will be able to make ACH transfers within the app!

  • KelseyRodricksKelseyRodricks Member Posts: 18 admin

    @MikeyM As well, the Wave Card is tied to a business checking account. Therefore, if you want a supplier to direct debit your account, you can provide them with your routing & account number.

  • Dave_GDave_G Member Posts: 2

    I have clients who pay me by paper check. How can I deposit these checks into the Wave account? Thanks!

  • EmmaPEmmaP Member Posts: 639 admin

    Hi @DaveG! If you have clients that pay by check you will want to deposit those into your bank account. Once the bank transaction has been uploaded to your Wave account (by statement upload or transaction import) you would categorize the check payment to the appropriate invoice. Doing this will mark the invoice as 'paid'!

  • DaveGDaveG Member Posts: 1

    Hi the other @Dave_G!... in case you don't spot the reply to your q above

  • Dave_GDave_G Member Posts: 2

    @EmmaP - Thank you for the answer, but that isn't exactly what I was looking for. I have Wave Money beta. How do I deposit a check into THAT account? Will the app have remote capture?

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @Dave_G Thanks for clarifying! I'm afraid at the moment, check deposit is not a feature that is on this initial roll out, however the team is actively investigating this feature, along with the other feedback that they are getting from Wavers on the Wave Money product. :)

  • Ryan_STRyan_ST Member Posts: 3

    @JordanD, I second the request to have the ability to deposit checks using the WaveMoney app.

  • SmallBizOwnerSmallBizOwner Member Posts: 1

    @JordanD How come this service is only available for single member LLC's? I only need one bank card but i have a 50/50 ownership of my LLC. Can i still sign up?

  • CalliePCallieP Member Posts: 439 admin

    Hi @SmallBizOwner , thanks for your message! Essentially, it's just because the product is still so new. When Money first launched, it was a beta launch, and was only built for single-owners as that was the simplest build for our developer team to build & gain controlled feedback from. As it's now launched more widely, we will be looking to support multi-owner business in the future as the product matures.

  • BuenoBoxBuenoBox Member Posts: 3

    I will switch to wave money as soon as I can deposit checks through the app. This is a hugely important feature. Without it I cannot join. My current business account only allows up to 5000 dollars to be deposited too which is a huge pain. I would like to see the ability to deposit up to 50,000 dollars which is a much more practical amount for a business.

    edited October 2, 2020
  • Buffy_Anissa1Buffy_Anissa1 Member Posts: 1

    If you do not allow check deposits, how do we add money to our wave business debit card?

  • reneesharellereneesharelle Member Posts: 1

    I'm not currently concerned with much but how you handle Wave users with multiple businesses? I've plans for several ventures after the new year and I don't want to have to create a new Wave account for each just to get a new Wave Money account for them each, if that is even an option itself. Will you be allowing multiple Wave Money business accounts for Wave users managing multiple single-owner businesses?

    EDIT: I'm an all-or-none kind of gal, if I'm using one service for a business, then I don't want to have to create multiples of them or sign up for different services to take care of the same thing. I understand that having multiple Wave Money accounts might seem impractical, so that's why I'm asking. I don't have much time left til the New Year and I want to have all my business plans and strategies worked out before I get started :)

    edited November 11, 2020
  • Viking09Viking09 Member Posts: 1
    Can the app have an option to give a discount and when the amount added, it shows the from the total its deducted
  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey @Buffy_Anissa1

    Essentially it is a card tied to your payout account. So when you receive money on an invoice through Wave Payments, typically it gets deposited into your business checking account, however with Wave money, it will get deposited onto your Wave money account in under 30 minutes! It is a physical card that you can spend at most ATM terminals.

    Some cool features about Wave money is the send money feature where you can add a routing and account number and send funds to a different account.

    You can receive your payouts in 30 minutes and spend those funds quickly rather than the two days turnaround.

    Instant payouts are free! So you don't have to pay the additional 1% to collect an instant payout!

    The accounting is done pretty accurately in your Wave account. So when you spend your money on will be auto-categorized in your Wave account using our brand new auto-categorizing tool with much higher accuracy

    Hi there @reneesharelle

    At this time Wave's beta version of Wave Money is only limited to one card/account per business and business owner. We're always looking for feedback from our customers on how we can improve our software with every update we make, so we appreciate you reaching out about this. Don't hesitate to reach out if you have any other improvements you think we could make to our system!

    Hi @Viking09

    My apologies if I might be misunderstanding the request here, but would you mind providing a use case scenario where you wanted to provide a discount using Wave Money?

  • b_harvinb_harvin Member Posts: 1

    @Barsin Is Wave Money still a product you plan to offer? I've been on the waitlist since June 2020 and have heard nothing. I also emailed [email protected] and I got an automated response stating the email no longer exists.

  • JulianPJulianP Administrator Posts: 1,000 admin

    Hey @b_harvin !

    I'm happy to let you know that Wave Money is now live for single-owner businesses. Since the feature went live, we have been inviting users to onboard from the waitlist. Since you haven't received an invitation, it's possible that your business isn't eligible yet.

    If you believe your business is eligible, I suggest trying the following:

    • Download the Wave Money app and login.

    If you login successfully, this means that your business was invited and is in fact eligible for the feature but you didn't receive the invitation email for whatever reason. In this case, you can proceed with the onboarding process.

    If you are unable to login and your business is not eligible yet, the application will notify you about this.

    I hope this helps!

    edited March 18, 2021
  • AdroitAdroit Member Posts: 1

    Is the 2.9% + $0.30 Wave Money processing fee the same as or in addition to the Wave Payments processing fee?

  • JulianPJulianP Administrator Posts: 1,000 admin

    Hey @Adroit !

    If you are using your Wave Money card for invoice payouts, you will only be charged the 2.9% + $0.30 credit card processing fee once, just like any other card. However, if you use our instant payout feature, you won't be charged the additional 1% fee. :smile:

    edited April 14, 2021
  • Marciab80Marciab80 Member Posts: 1
    When we will be able to order checkbooks?
  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @Marciab80 , we have no plans to create checkbooks at the moment so your best bet for sending money would be through ACH or the Email Money Transfer option.

  • JoycelynJoycelyn Member Posts: 1
    I'm am really confused need some clarification
    1. Will I or my client be charge a fee if a client sends payment from their bank to this wave bank?
    2. Will I be charge a fee if I transfer money from my present bank account to this wave bank? Because my clients are set up with my present bank where they pay me and I would love to transfer money to wave bank.
  • NancyCNancyC Member Posts: 148 admin

    Hi @Joycelyn Great questions! Happy to clarify them below:

    It's free to send and receive ACH transfers with Wave Money!

    1. When a client sends funds from their bank to your Wave Money account (by entering your bank routing and account number displayed on the app), neither you or the client will be charged a processing fee from Wave. However, your client's bank standard fees (if any), will apply to transactions initiated from that account.
    2. Same as above, Wave will not charge your account a fee for receiving money sent from your present bank (unless your present bank charges a fee for sending ACH payments).

    Please refer to this article on How to add money to your Wave Visa Business Debit Card for more information. Hope this clear things up!

  • TattoochickTattoochick Member Posts: 1
    Am I able to link this to my Square account to transfer my funds from there to this account? If yes are there any fees? And how?
  • KMGKMG Member Posts: 1

    I most definitely want to see the option of having either an iPad compatible app or be able to look at all of my information via a web browser…. I have a couple of clients that I would love to be able to just email my routing/account info for them to pay me, kind of like a direct deposit email form…

  • JulianPJulianP Administrator Posts: 1,000 admin

    Hey @Tattoochick !

    I'm afraid that Wave does not support functionality to directly link your Square account I'm afraid. If you'd like to transfer your Square funds into your Wave Money account, you will need to transfer them to your bank account first. Once this is done, you can then deposit them into your Wave Money account. You can learn a bit more about this here.

    edited May 31, 2021
  • RmagrinoRmagrino Member Posts: 1
    I wire money to overseas manufacturers. How are wires handles and is there a charge?
  • KiahDKiahD Administrator Posts: 267 admin

    Hey @Rmagrino , Wave Money doesn't currently support international transfers or wires I'm afraid.

  • myLPmyLP Member Posts: 1
    Can I pay my business credit cards using my wave money account? If so, how do I do this? And is there a plan to offer a payment deposit option via a service such as Venmo? TY
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