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Wave Review (Formerly Wave Accounting)

This free, easy-to-use accounting software is great for small businesses, especially for eCommerce, but lacks in project management, budgeting, and inventory tracking.

    Erica Seppala
  • 230 comments
  • Updated on:
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Wave

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Total Rating4.0
Pricing Excellent
Features Good
Reviews Good
Customer Service Fair
Integrations Poor
Erica Seppala

Erica Seppala

Expert Analyst & Reviewer at Merchant Maverick
An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader's Digest. She is a graduate of Limestone College.
Erica Seppala
View Erica Seppala's professional experience on LinkedIn.



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230 Comments

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    Heather

    Organization Name: Global

    Absolute worst company! Wish I had read the reviews before I got involved. I did NOT sign up for online payments however they included a link on my invoices to allow customers to pay this way. I had a customer that did and then got an email asking me to “complete my registration”. I did. 2 days later get an email (of course after they have my customers money) and said sorry they aren’t offering the service because of risk management assessment. Ok then why did you allow my customer to pay online?????? I did NOT ask for that service at all so now I look like a disorganized and incompetent business owner and the email says they can hold the funds for 65 days. Wave = SCAM. Would give zero stars if I could. The customer service response was absolutely horrific!!

    1
    • Organization Name: Global
    Elise Edward

    Organization Name: Puffs Haven - Toronto Cannabis Dispensary

    Wave only allows for one user. Although, according to Wave you can grant view-only access or view and edit access to collaborators where they can “create and send invoices, manage transactions, and generate reports.”

    Hope that’s helpful!

    • Organization Name: Puffs Haven - Toronto Cannabis Dispensary
    M. Akash

    Organization Name: ZEREFLAB

    if you are a small business don’t use this company.. we are a startup software company. paying wages to our staff is very difficult for us in this covid situation. and what they did last night they put a hold on my payments for 120 days and said their decisions are final. we had to pay salary to our staff with that money. they worked for a whole month for a service. And the client who paid us was paying since last 6 months on different payment platform.I as a CEO of a small software company as my fellow startups to not use this service they are scam fraud or whatever you call them.we need to come up with a solution to tackle this mafia.

    1
    • Organization Name: ZEREFLAB
    MFA

    Hi,
    How many users could use the Wave free plan?

      This comment refers to an earlier version of this review and may be outdated.

      Jessica Dinsmore

      Hi MFA,
      Wave only allows for one user. Although, according to Wave you can grant view-only access or view and edit access to collaborators where they can “create and send invoices, manage transactions, and generate reports.”

      Hope that’s helpful!

        This comment refers to an earlier version of this review and may be outdated.

        Cds

        Organization Name: Cds

        I agree with most negative reviews. Big business would never use Wave, but small companies will and they usually fall victim to theft of funds. We were just victimized by wave. We billed a regular good client, and yes, the day before funds were to be deposited wave decided they want to keep the amount, a few thousand dollars, and just sent us an email claiming that they can do whatever they want when it comes to taking a merchant’s money. This is not a charge back situation, this is, according to them a random and continuous risk check. At this point we have already delivered the goods to our client. The client claims he has paid online but wave keeps saying that they cancelled and returned the funds. At this point, we are out thousands of dollars we believe either wave stole, or they are kiting funds or in their effort to reduce chargebacks or their exposure risk they decided to take our money and leave us hanging. We never had a charge back with any processor during the last 9 years, although we just started with wave a couple of months back. We are now at the mercy of our client on whether he decides to pay us. I would not recommend Wave. I would recommend square instead. If you are familiar with PayPal and how notorious they are for abruptly seizing a business’s funds for 120 days, well wave does exactly the same. My advice as a small business owner is to not use them. You are at risk of loosing your funds.

        1
        • Organization Name: Cds

        This comment refers to an earlier version of this review and may be outdated.

        Miguel Laliberte

        Organization Name: ShareMyCasa.com

        Before you decide to do your small business accounting with this company please read this. I was in a situation where I used wave invoice to bill a guest who had stolen a tv from my hotel. The thief realizing when caught on film agreed to pay for tv. He paid threw wave invoicing. 3 months later the guest/thief claims to cc company this was a fraudulent transaction. (It was not, he himself made the charge when he agreed to pay) wave then stole that money from me when it was claimed as fraudulent! I was able to present my case to the bank of the situation and they assured me this was actually waves liability not mine and filled in my favor to deposit money back into my account. Wave then harassed me to pay this money back to them, made threats about sending collection agency at me to destroy my perfect credit, extorted me by denying access to my other businesses wave accounts that had nothing to do with the matter. Wave made no effort to fight for me as a small business owner when I provided all proof that it was not fraudulent charge, I provided them pictures of the thief, and messages confirming with them the thief agreed to pay for stolen tv. They would delay days in communication with me for an urgent matter and would only create a claim on my behalf if I would pay them an additional 600$! I was polite & respectful, to these crooks throughout this entire process and even asked for a compromise to give me discount on book keeping service or to pay half of this liability with me since it was with there payment software. They only came back with collection agency threats and blocked my account access paralyzingly my business operations. Wave is a truly horrendous organization and this begins from the top down. They are stubbornly unwilling to come to a fair and just compromise with their clients. They claim their changing the way small business manage their finance more like extorting & controlling small businesses finance. This company demonstrated throughout this entire process how they resemble the thief who stole the tv from my hotel. They are the same in every way and resort to the same practices. They will bully the small business owner who practices good ethics and resort to malicious and unmoral tactics.

        1
        • Organization Name: ShareMyCasa.com

        This comment refers to an earlier version of this review and may be outdated.

        Andrew

        Organization Name: 1968

        A couple of days ago Wave discontinued my ability to receive payments without reason. The messafe read a list of reasons that the services may have been discontinued. Yesterday 11/12 I received a message thjat there was a chargeback and that the money would be debited from my account tomorrow 11/14. Today 11/13, I spoke the client and they agreed to remvoe the chargeback – they said that the chargeback was asked for in March more than 6 months ago. This is the first time that I have heard anything about a chargeback. An hour later I went to the store to purchase materials for a customer. My debit card from my bank was declined. I checked my bank account and it is negative nearly $1000. Wave has debited my account a day early. I don’t eben have the words to describe what just happened. The lack of organization and comuunicatrion is staggering. Just being told that there was a chargeback the day before the debit takes place is catastrophic to a a small buiness owner. I’m beside myself, just stunned. Alli can think of doing is calling my attorney. This is absolute disregard of a customer’s weel being. Depsite all the talk on this page regarding how they “have your back”. Ridiculous. Horriphic. This is not one mistake but complete and total neglect and disregard, a melt down and the exposure of a massively flawed system, Andrew D. San Diego, CA

        • Organization Name: 1968

        This comment refers to an earlier version of this review and may be outdated.

        Mike

        Organization Name: ECVGT

        Don’t use Wave. They pretty much wasted my time. I took $2000 worth of credit card payments which is normal in my business. Then the day before they were about to release the funds they put a my account on hold. Stay away. They’ll just disrupt your business.

        1
        • Organization Name: ECVGT

        This comment refers to an earlier version of this review and may be outdated.

        Charlotte

        I’m seriously confused. You’re all saying you integrated Wave to Etsy. Wave just told me Etsy does not integrate with Zapier for Wave. So how are you doing this excellent smooth integration that doesn’t exist? How are people giving these reviews? Fake? There is no integration. People don’t waste your time. Etsy still shows it as accounting integration, but they are misrepresenting this to its shop owners. I want to let them know this is fraud. But no way to contact Etsy. You should remove this review from the internet. False information for small businesses.

        1

          This comment refers to an earlier version of this review and may be outdated.

          Jessica Dinsmore

          Hi Charlotte,

          As far as we can tell there still is a Wave/Etsy integration but according to some online forums, this integration is very limited and has had many broken aspects in the last two years. We weren’t able to find the integration listed on Wave or Etsy’s site which makes us believe that they no longer advertise the integration due to its issues (both sites still have a page where they promote the other software but there isn’t a direct integration mentioned or linked to on those pages). This is definitely something we will look into further for an update. Thanks for looking out!

            This comment refers to an earlier version of this review and may be outdated.

            Neil

            I’ve been a Wave advocate for 3 years—up until the take over by HR Block. It has been problematic ever since. Most recently due to a change in the data aggregate supplier. Their email on the issue claimed “We’ve partnered with our new bank data provider in order to improve the transaction import process. This should resolve any connection issues you may have been experiencing with our old bank data provider. ” There had been not connection issues with the previous. But since the change, my rolling LOC, a critical part of my business can no longer connect. All my other transactions were then being imported in duplicate. Then, presumably as part of that fix, for the last two week NONE of my transactions are being imported. I hate when companies claim they are doing something to make things better for the customer, when in fact the reason is likely to make things easier/better for themselves and in the process make things more problematic for their users…So, my rating has moved from exuberant 5-Star, to very frustrated 1-Star (I’d give 0 if it were an option).

            1

              This comment refers to an earlier version of this review and may be outdated.

              Michael Bell

              Organization Name: Michael Bell Photography

              EXACTLY. Wave is amazing. But now it won’t integrate with one of Canada’s biggest banks, and there’s not ETA from Wave on when the issue will be fixed. I’m currently, reluctantly, looking at changing. A huge gdamn headache.

              • Organization Name: Michael Bell Photography

              This comment refers to an earlier version of this review and may be outdated.

              Denis Bilodeau

              Organization Name: Ird2

              In February 2020, the Wave accounting bank transaction import routine ceased to function.

              As a results only manual imports could be done from bank accounts. I have been communicating with Wave accounting since and they have been incapable of restoring the previous programming. Multiple users are now forced to use manual imports leading to inefficiencies and frustration.

              I strongly believe that the ranking of Wave accounting should be downgraded for its inability to support its customers.

              Denis Bilodeau

              • Organization Name: Ird2

              This comment refers to an earlier version of this review and may be outdated.

              CGW

              Organization Name: Watrin Grain Ltd

              Love using Wave. Very user friendly. I wish there was a way to add a sales tax column on the invoice to show tax per item.

              4
              • Organization Name: Watrin Grain Ltd

              This comment refers to an earlier version of this review and may be outdated.

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