Wave Billing Software for SMBs

It’s difficult to know which billing software to use for your business with the array of digital tools available on the market. We have tested several, including Freshbooks, Quickbooks, Xero, and Paycove. The billing software for SMEs, Wave, is the one we prefer. Here’s why in a brief summary.

Wave is simple and inexpensive

Inexpensive? Really inexpensive. In fact, Wave.app is free unless you use it to process your payroll or to pay your freelancers and subcontractors. At that point, the costs remain very reasonable at $20 per month + $4 per user.

For credit card payments, the same fees as other tools apply, which are $0.30 + 2.9% interest. I’ve never tried it, but in my opinion, if your credit card transaction volume is high, this portion is probably negotiable. For bank transfers, convenient if you work internationally, the fee per transaction is 1%.

Is it a trap?

No, not at all. In fact, Wave makes their money from credit card payment fees, bank transfers, and through their payroll services. Additionally, Wave can offer you a line of credit on your invoices…without a credit check!

The micro line of credit from Wave

The micro line of credit from Wave allows you to receive payment for your invoices BEFORE being paid by your client. At the time of writing this, the limit of the " Wave credit line " was $10,000 without any credit check.

The fees for using the line of credit are 4% over 2 months. Here’s how it works. You have an invoice of $10,000 from a client with whom you do business regularly. The client informs you that they will be late on payment…but you need the funds immediately!

You can then request to receive the payment immediately. Wave will charge you 2.9% for the credit card fees + 4% for the advance (Ouch, $10,000 then becomes $9,300). $9,300 is then deposited into your bank account. Then, Wave will deduct 25% of that amount every two weeks.

So, 4 payments of $2,325 which will be automatically withdrawn from your bank account. Be careful, Wave was recently purchased by the (huge) company H&R Block. If you do not repay Wave according to the agreement, your credit could be severely affected!

The option of the Wave line of credit remains a super interesting tool that can help many freelancers and SMEs. In the end, you will always have the option to pass the fees onto your client!

The interface (UI) and user experience of Wave (UX)

The interface of Waveapps is very user-friendly and easy to understand. Like other billing software, you can also do your tax remittances and your accounting through the application. However, Wave is not as well designed as Quickbooks at this level, so it’s important to validate with your accountant if you can use it for your accounting.

The " Live Chat " service is super responsive; if you need help, you can ask them questions directly in the application. However, the service is currently only available in English.

The tool also allows you to manage your personal finances. The ability to transfer between your personal account or your business accounts is also super interesting.

Additionally, Wave allows several integrations with CRMs. You can easily automate processes to optimize the performance and efficiency of your business.

Wave is perfect for micro-enterprises and freelancers

In the end, most software has the same functions. However, the ease of use of Wave + the free software can make it a great digital tool for many businesses! Do you have more questions about the billing software for SMEs, Wave? Send me an email!