Payments by Wave Review

Rates and Fees
Truth in Advertising
Consumer Reviews
Customer Support

Best for

Payments by Wave is best for small U.S. businesses that would like to integrate their payment processing with their Wave accounting software smoothly.

Specializes in

Payments by Wave is a reseller of Vantiv merchant account services and is accessible to merchants through the Wave accounting software. The company's offerings are intended to integrate payment processing with the company software's invoicing functionality.

Pricing Summary

Setup Fee: None

Monthly Fee: None

Swipe Rate: 2.9% + $0.30

Keyed-in Rate: 2.9% + $0.30

Early Termination Fee : None

Contract Terms:

No Contract Required Month-to-month
Visit Payments by Wave

Payments by Wave is a reseller of Vantiv, which uses Fifth Third Bank, N.A., of Cincinnati, Ohio, as its acquiring bank.

Wave Accounting was founded in 2009 with headquarters in Toronto, Ontario, Canada. The company's CEO is co-founder Kirk Simpson.

Payments by Wave Overview


Kirk Simpson co-founded Payments by Wave in 2009 as a more intuitive accounting software alternative to QuickBooks for small businesses. With company headquarters in Toronto, Ontario, Canada, Wave has branched into numerous accounting tertiary services for small businesses, mainly for free, such as Wave Invoices and Wave Receipts. The company also offers low-cost solutions for Payroll, Tax, and Accounting advisory, Wave Money, an online bank that integrates all its offerings.

Since about 2012, Payments by Wave has been offered as a reseller of Vantiv's payment processing solutions for US-based small businesses. The service is ideal for companies that would need to integrate payment processing with the Wave Accounting software seamlessly. The company offers flat fees and month-to-month billing terms without locking clients into long-term billing contracts. The company does not charge merchants for PCI compliance fee, nor does it carry an early termination fee.

Payments by Wave is accredited with the Better Business Bureau (BBB) since 2013 and carries an A+ rating.

The company has had 51 complaints filed against it in the last 36 months and 24 complaints in the previous 12 months.

Quick Facts

Head Quarters

Toronto, Canada

Year Founded



Kirk Simpson



Merchant Provider Risk Tolerance

What We Like


Easy to use

Numerous features


Good support materials

Help from expert accountants available

What We Don't Like

Limited mobile apps

Unsuited for large businesses

Poor customer support

Industries Served

  • Clothing & Apparel
  • Convenience Store
  • Electronics
  • Gas Station
  • Marketing Agency
  • Moving Companies
  • Personal Service
  • Property Management
  • SAAS
  • SEO & SEM Services
  • Thrift Store

Business Types Served

  • B2B
  • Ecommerce
  • High Volume
  • Information
  • Low Risk
  • Mobile
  • Mom & Pop
  • Online
  • Retail / Card Present
  • Small Business
  • Wholesale

Payments by Wave Products & Services


Payment Processing: Payments by Wave resells merchant account services for Vantiv, primarily for merchants to integrate the services into the company's accounting software's invoice functionality.

Tertiary: Wave is an accounting software company that offers the following;

Wave Accounting – Free accounting software for small businesses to easily integrate with bank accounts, payment processing, and other accounting operations.

Wave Invoicing – highly versatile software that can easily send out one-time and recurring invoices with modification of logo, color scheme, currency, templates, and much more via desktop and mobile devices and can quickly integrate to Wave Accounting

Wave Receipts –Scan and post receipts of business expenses which can seamlessly sync with Wave Accounting.

Wave Payroll – Process employee and contractor pay, tax filings, workers comp, and direct deposits while automatically posting journal entries and managing an employee portal for paystubs, W2 forms, and personal details.

Wave Money – an online bank account that syncs with Wave accounting and processes all back-end bookkeeping and reconciliation of transactions

Wave Advisor – Professional advisors on matters of bookkeeping, tax, and accounting.

Payments by Wave Payment Processing

  • Credit Card Processing
  • Debit Card Processing
  • eCheck & ACH Processing

Payments by Wave Billing & Invoicing

  • Online Invoicing
  • Payment Processing

Payments by Wave Advertising & Sales

Wave hires internal sales staff, and there have been no complaints about Payments by Wave sales tactics. The company's offering is primarily for invoice integration with the company's Wave Accounting software, so common complaints within the payment processing industry for sales tactics mostly do not apply.

Truth in Marketing

Discloses All Important Terms


Public Pricing Available


Payments by Wave Pricing, Rates & Fees


Payments by Wave resells payment processing services of First Data and Chase Merchant Services. Below is the detail we found about pricing; 

Keyed rate: 2.9% + $0.30

ACH rate: Higher of 1% or $1

Monthly PCI Compliance Fee: None

Annual Fee: None

Early Termination Fee: None

Monthly Minimum: None

Pricing at a Glance

Pricing Model

Flat Rate

Swiped Rate

2.9% + $0.30

Keyed-in Rate

2.9% + $0.30

Mobile Payment Rate

Virtual Terminal Rate

2.9% + $0.30

Monthly Fee


Payment Gateway Fee


Batch Fee


Early Termination Fee


PCI Compliance Fee


Equipment Lease Terms


Address Verification Service (AVS)

Application Fee

Account Setup Fee


Gateway Setup Fee


Annual Fee

Monthly Minimum


Statement Fee

Payments by Wave Contract & Terms

Payments by Wave is very transparent regarding contract terms. The company offers a flat fee of 2.9% + $0.30. The company does not have a long-term contract, does not charge an early termination fee nor a PCI compliance fee. Payments by Wave resells merchant accounts services of Vantiv and offers very competitive terms compared to Vantiv itself. 

Contract Length

No Contract RequiredMonth-to-month

Early Termination Fee


Payments by Wave Setup & Support


Setup Highlights

  • Documentation / Knowledge Base

Support Highlights

Payments by Wave Complaints, Ratings & Reviews

Payments by Wave is accredited with the Better Business Bureau (BBB) since 2013 and currently given an A+ rating. There have been 51 complaints against the company in the past three years and 24 complaints in the last twelve months. The complaints have been mainly for billing and collection disputes, such as account reserves. It's important to note that chargebacks and account reserves are standard in the industry. The company explicitly details the practice in its Terms of Service, both in legal terms and plain English.

There aren't any class action lawsuits that have been filed against Payments by Wave, nor any FTC complaints against the company.



A+(38 complaints)


2.8 Stars / 90 Reviews


No Reviews yet




Total Online Reviews


Total Online Complaints





If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks