Wave Payment Fees | Your Merchant Services Rep
Wave Payment Processing has become a popular choice among small businesses looking for an affordable and convenient way to accept credit card payments. But like all processors, Wave does charge fees that merchants need to fully understand. In this post, we’ll break down Wave's fee structure so you can make informed decisions about using Wave for your business.
Wave’s Pricing Plans
Wave offers two main payment processing packages:
Pay As You Go - Interchange-plus pricing where you pay interchange fees, assessments, and a fixed per-transaction fee. No monthly fees.
Monthly Plan - Flat monthly fee includes lower per-transaction rates. Two plans available based on transaction volume needs.
Both plans also have additional charges for things like statements, PCI compliance, chargebacks, and other services. Be sure to factor these in when comparing pricing.
Transaction Rates and Fees
Pay As You Go per-transaction fees are $0.15 for card-present payments and $0.30 for card-not-present transactions like online payments.
Monthly Plans offer bundled per transaction rates around 1.6% plus $0.16 for low volume transactions or 1.4% plus $0.12 for high volume transactions.
Interchange fees on the Pay As You Go plan vary based on card type and average around 1.5-2.5% per transaction.
Assessments and other fees can add 0.1-0.3% extra per transaction.
Things to Watch Out For
Here are some other Wave fees to keep in mind:
Monthly minimums - $25 on Pay As You Go and $10 or $25 on Monthly Plans
PCI compliance - $19.97 per month
Chargebacks - $15 per chargeback
Account statements - $5 per monthly paper statement
Payment deposit times - 1 business day for ACH, 2 days for cards
Contract terms - Month-to-month but prorated early termination fees
Evaluating Wave’s Value
Wave offers relatively competitive pricing, especially for lower volume merchants. But it's important to read the fine print and evaluate total costs across providers. Consider your average transaction size, volume, and business type when assessing the value of Wave's pricing and fees compared to alternatives.
Conclusion:
Understanding Wave's bundled pricing plans, per transaction fees, and additional charges allows you to accurately estimate your total processing costs. While Wave offers simple pricing, be sure to thoroughly evaluate how their services and fees fit your specific business needs. Comparing Wave against competitors can help you choose the most cost-effective payment processing solution.
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