Changes to bank connection availability outside of the US and Canada

SystemSystem Posts: 271 admin

imageChanges to bank connection availability outside of the US and Canada

This article applies to Wave customers outside of the US, Canada, UK, and EU.

Starting on January 1st, 2020, you will no longer be able to connect a bank account to your Wave account. Wave will au...

Read the full story here


edited October 31, 2019 in Help Center Discussion
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Comments

  • BillTurnerBillTurner Member Posts: 1

    WHY???????

  • BillyBilly Member Posts: 28

    Read more about Wave's decision. - DEAD LINK. Is there any explanation as to why this decision has been made ? This is a massive backwards step for Wave. It also has ramifications for the automation emails regarding overdue invoices which was a great feature. Im sure many of us would be happy to pay for this feature, Please don't discontinue it.

    edited October 31, 2019
  • Cate45Cate45 Member Posts: 2

    While the 'Read more about Wave's decision' link is dead, I presume the reason is similar to that under the Related Article talking about changes to bank connection availability in the UK and EU - which comes down to cost. Given that this is a free platform, that's understandable, but a shame, nonetheless.

  • AsilvaAsilva Member Posts: 1

    1- WHAT?!?!?!?!?!?!?!?!?!?!
    2- Will this apply to US territories? (Puerto Rico, USVI, etc.)

  • dissatisfieddissatisfied Member Posts: 1

    Very unfortunate as this was one of the reasons we were using wave.

  • ashishkulkarniashishkulkarni Member Posts: 1

    very unfortunate. we dont mind paying for this feature. one of the main reasons to use Wave is gone.

  • FadgeFadge Member Posts: 2

    That is likely the end of wave as far as I'm concerned.
    The recent "upgrade" was too much of a change just chucked upon us and while some things work better the transactions (from bank feeds) NEEDS to default to unverified without clicking filters all the time.

    Account reconciliation takes forever to do compared to the old way, no auto fill/tick from the system??

    NOW we actually don't get bank feeds at all, extremely poor form in my opinion.
    I was more that happy to deal with changes and the way it worked, encouraged my clients to pay via wave and consider the merchant fees fair game for usage of wave for "free"

    IF bank feeds could be a extra paid feature, I would be happy to pay a fee, otherwise off to another (paid) platform that does what it say's and will make my job easier.

    Fadge

  • EnzoEnzo Member Posts: 1

    Time do look for a different platform, last upgrade was bad enough, this has nailed it.... thank you anyway you helped my business to grow...

  • JustBling2019JustBling2019 Member Posts: 1

    Wow. What a massive disappointment. One of the main features in our decision to use Wave!! No valid explanation either. Why not offer this service as a subscription fee?? Surely there is substantiated usage!

  • PixelfixPixelfix Member Posts: 1

    Wave used to be the best option. I have used it for 6 years! It no longer is. Sorry to see it go. There are other options: thttps://www.fundera.com/business-accounting/free-accounting-software

  • barrytbarryt Member Posts: 29

    Ouch, disappointing. Sigh.

  • rainwlildsrainwlilds Member Posts: 3

    This is unbelievable! It's one of the main reasons I started using Wave!

  • hoppykeroppihoppykeroppi Member Posts: 1

    Very very disappointing that the most important functionality is being withdrawn. There is no point using Wave if it will not offer automatic connection to banks. I have no choice by to move our 2 accounts and 4 businesses off Wave.

    Not happy that I have to work out how to transfer accounts after being with wave for years.

  • Flatbush_Holiday_NZFlatbush_Holiday_NZ Member Posts: 2

    Time to switch to a new one.. very disappointing.. not sure Wave will have a future apart from the US, Canada, UK, and EU.

  • jweimerjweimer Member Posts: 1

    Is this decision based on security or regulatory issues? Maybe a proper explanation would help defuse some of the disappointment and frustration.

  • Dotty3340Dotty3340 Member Posts: 7

    its a shame this change is happening. now we wont have close to real time accounting. having to wait for statements that only come out quarterly means a lot of double handling of going back and forth especially with monthly invoicing to regular customers. Please reconsider this change

  • Jesper666Jesper666 Member Posts: 33

    My self I do not use this feature and it is because I cannot use here in the Philippines. But if it was available here for sure I would use it. So I can imagine the frustration for people who use this. Just being cut of like that is not nice. There must be a logical explanation for this I hope!

  • elisemartinsonelisemartinson Member Posts: 6

    Well this is a bit of a shock... Bank integration such a big part of how Wave works and lets me stay on top of money moving in, out and around the business. This is a huge inconvenience and probably a deal breaker. It's such a shame as I've spent so much time (and money paying someone to teach me!) learning the platform and have come to like it and look forward to new updates. I never thought core functionalities would be ripped away. I really hope you reconsider. I always felt Australian customers were a bit of an afterthought/inconvenience and this confirms it.

  • sportstravelmanagerssportstravelmanagers Member Posts: 1

    You are kidding!! NOT HAPPY! This is a joke. Australia has FAR LESS BANKS that US, Canada and UK and Europe (like we have 4 MAJOR BANKS ANZ,WESTPAC, CBA and NAB and a handful of smaller ones that are basically owned by the one of the Big 4)...a dumb and pointless move. As an Australian small business owner I was so glad I found you and moved away from Xero. Your platform has been really easy to use, so this is extremely disappointing and this will most likely require me to have to move away from WAVE back to a paid service. To have this automated is such an important aspect for small business as I have little time as is and having it automated takes the pressure off me as a sole trader, not having to worry about this! Bad move guys and you will most likely lose a lot of customers here in Australia. I have been actively promoting you guys but now there's no point.

    edited November 1, 2019
  • BynnyBynny Member Posts: 1

    I hope they reconsider. I guess they aren't interested in the Aus/NZ market. Off to find an alternative :-)

  • issaczzzissaczzz Member Posts: 2

    I don't mind paying a fee for having this Bank Connection to Wave feature. Please reconsider.

  • stinkypetestinkypete Member Posts: 1

    Yeah, look Its a bit crap guys. This is a feature of Wave that I have loved. I get it ...its fraught with problems , but ...why not upgrade your systems to deal with it??...Re-invest in your own business... I think I'm safe in saying that we ( offshore users ) would all prefer to pay some nominal subscription fee to keep the feature going... I'm sure.
    Otherwise, I suggest that you will lose ALL of your offshore user base. Honestly ...without this feature, it's a pretty ordinary package and the competitors are looking a lot better .I would prefer to go to one of them even if i do have to pay .

  • camslicecamslice Member Posts: 5

    More and more features are being removed since the H&R Block acquisition of Wave: https://www.waveapps.com/blog/news/wave-to-be-acquired-by-hr-block-for-537-million

    "But this isn’t the end – it is the start of an exciting new chapter."

    Haha, thanks for the pseudo-enthusiastic spin on what essentially means the erosion of user-focus feature development and prioritisation of corporate interests, ie: the company is now mandated to make profits for its shareholders.

    All this bullshit about "standards for quality and consistency" is just that, bullshit. Just read the 2nd paragraph of "Why" on the FAQ (https://www.waveapps.com/changes-to-bank-connections):

    "This will allow us to deliver a higher quality bank connection experience while keeping our accounting and invoicing platforms free for all users worldwide."

    So the only way they can make it "free" (technically it's not actually free, they obviously take a cut of credit card sales), is to kill off services that are costing them too much money. They choose to define this as a "cost" not an "investment".

    Thanks for screwing over your loyal customer base Wave. And congratulations on following the same path as every other online startup who gets acquired by a large corporation.

    edited November 1, 2019
  • SchlauFuchsSchlauFuchs Member Posts: 1

    One step more to make Wave no longer worth using for me.

  • camslicecamslice Member Posts: 5

    @sportstravelmanagers said:
    You are kidding!! NOT HAPPY! This is a joke. Australia has FAR LESS BANKS that US, Canada and UK and Europe (like we have 4 MAJOR BANKS ANZ,WESTPAC, CBA and NAB and a handful of smaller ones that are basically owned by the one of the Big 4)...a dumb and pointless move. As an Australian small business owner I was so glad I found you and moved away from Xero. Your platform has been really easy to use, so this is extremely disappointing and this will most likely require me to have to move away from WAVE back to a paid service. To have this automated is such an important aspect for small business as I have little time as is and having it automated takes the pressure off me as a sole trader, not having to worry about this! Bad move guys and you will most likely lose a lot of customers here in Australia. I have been actively promoting you guys but now there's no point.

    Yea, I will no longer be promoting them either. They way they just casually "oh hey, we're no longer providing one of the most useful parts of the system anymore" is so typical of corporate messaging.

    FYI Wave was actually backed by NAB (National Australia Bank) who made a killing on this deal: https://www.computerworld.com.au/article/662849/h-r-block-acquires-nab-backed-wave-financial-583m-deal/

    So now that they've exited, Wave has no financial obligation to support Australian banks or customers.

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