Set up payments by Wave accounting

Wave

All-in-one accounting, invoicing, payroll, payments & receipt management

4.41/5 (856 reviews)

Set up payments by Wave accounting

Video Transcript

Speakers in this video: Jimmy (GetApp) and Brooke (Wave)

Brooke: Just creating a brand new business in Wave. Great. Now we have our new business set up here. You can see at the top, it's a new business account. When you go to the payments tab here, you'll notice a preview. It will give you a bit of information just about what you can expect of the program - product. In terms of the integration, it's actually within itself. We do this in-house. We aren't integrating with a third party. Everything will actually be in-app and we have a whole human support team and human dev team dedicated to this product in-house as well, which is great. As you can see, the pricing is just 2.9% plus 30 cents. That's just per payment that you'd receive. Regularly, you just receive your money in two business day, but that first deposit actually happening in seven. It's actually just as easy as turning on credit card payments with a click of a button here. By doing this, this just allows your invoices to be paid. You wait until you send out an invoice to a client of yours and they would be able to open an invoice as you can see here in the preview. They just receive a small area to the right just to fill out their information for submitting a credit card payment.

Jimmy: Okay, so this is a tool that's being used when a user's sending out an invoice that can be potentially paid online?

Brooke: That's correct. Yes. They could open it up. You could send that through email. You can send that in a text message. Those invoices can be opened on any kind of device whether that be Android or iOS. Anything at all. Your client wouldn't have to sign up for anything. They would just need to receive an invoice.

Jimmy: Okay, so all the payment information will be captured within the invoice and they would just submit it and it's paid.

Brooke: That's correct, yeah. We can first send our first invoice. You can actually create all this information as you go, which is nice. Let's say it's one dollar that we end up sending. You can see where you're setting reminders or anything else to do with those invoice details. We can add an address, basically any information you need to do these invoices here in Wave. At the very top of your page, you can see that credit card payments are on. You can upload a logo if you need anything. Your own address of your own company here can be on your invoice as well. I can actually just send this right through Wave. I'm just going to pay this on my end here then we can see what the on-board continues as. Once you receive a payment, you'll have a bit of set up process to continue on with where you'll just fill up information about your business itself. Great. I've just paid this from my end here. When you go back to your payment's tab, you can see that I have a dollar waiting for me here and it will ask me to complete my set up. You can just see here there's just a number of fields to fill out. I'm just filling out some information about my business itself. You can continue on to your About Yourself section which will just be about yourself as a business owner. It will ask you to fill out all these details. If you haven't listed anything at all, it will ask you to continue filling up the forms here. You can also personalize your credit card statement so the descriptors that would appear on your client's credit card statements, you can personalize. They'll appear as Wav - W-A-V - star, star star, and then whatever you personalize this as. Most people choose something along the lines of their business name. For example, you can input Sarah's Cupcakes if you're Sarah selling cupcakes for yourself. You enter your [00:05:22] and account number and that money waiting for you will be deposited into and you'll go through a verification of your identity step as well.