Cloud Accounting Small Business

The Next Iteration of Wave: Small Business Financial Software

Workflows and Speed

Wave says they’re making changes to the software that optimize user workflows, so that everyday tasks that users do in the real world require fewer clicks. The changes I’ve seen confirm that they are getting better at this, so all I can say is good work and keep it up. There are major changes to the Transactions and Reports page that I had a chance to preview that will also provide better workflows, so I’m saying this as someone who got to see things you haven’t yet.

Wave’s changes aren’t only cosmetic, and there are under the hood improvements occurring as well. Wave’s goal is to speed things up, though at the moment I’m not noticing significant speed boosts. I’ve found clicking on certain actions currently take longer than I’d like. Ideally a click would show me something in under a second, with 1-2 seconds being acceptable. Currently there are certain actions in Wave that take more like 3-5 seconds.

Credit Card Processing

Wave used to use Stripe for credit card processing, but has since brought it all in-house. There has been a long transition period from Stripe to in-house, but I just received an email notice saying that Stripe will no longer be available in Canada as of April 21, 2017.

That’s alright though, since Wave has it’s own processing (well, a third party actually does the processing). If you’re a Wave user and have not chosen to accept credit cards yet, you’ll see a notice like this.

I have so many Wave accounts that I don’t even know which one is which anymore, but on this particular testing account I had not gotten approved for accepting credit cards. So with a brand new opportunity to accept all major credit cards, I decided “What the heck,” it’ll only take 60 seconds.

The fees are just like Stripe’s, which is 2.9% + $0.30 per transaction. Money comes in 2 business days and I would be able to accept VISA, MasterCard, AMEX, and Discover.

Well, the forms took more than 60 seconds, and while I won’t show them, there were about 5 to go through. I’d say it took under 5 minutes to apply, which wasn’t too bad. And while they do ask personal questions and want to verify personal financial facts they could pull up on you (like what bank your credit card ending in XXXX is from or where you last received credit from), it’s generally quite an easy set of forms to fill out. Much better than the paper-based merchant account applications I remember filling out.


After all was said and done, the verification notice showed up for maybe 30 seconds, before getting to this final screen.

It appears I was approved, but I’ll have to wait this one out and see. I’ve actually signed up for payment processing through Wave in the US, but at this moment I can’t remember how similar the steps were. But I do recall that it was also a relatively easy process.

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About the author

Greg Lam

Greg Lam is a passionate small business guy who loves technology and automation. He holds a BBA from Simon Fraser University, Canada. He's a Certified QuickBooks ProAdvisor, Certified Xero Partner, and Kashoo MVP. His business interests are focused on online accounting and how it can be used to streamline and automate a company’s accounting processes. He currently lives in Tokyo, Japan.

Greg operates the Small Biz Doer website, an "Entrepreneur's Guide to Small Biz Bookkeeping." He is the author of Online Accounting Software: Finding the Right Match, published by The Sleeter Group.

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