Wave, which makes cloud-based small business accounting tools, has announced the launch of a new mobile app that accepts credit card payments on the go: Payments by Wave for iOS. The app, which integrates with the full Wave suite of small business software, helps small business owners process credit card payments, record cash payments, and issue receipts- all from their mobile devices.
For many small businesses, cashflow and payment systems often suffer from inefficient and outdated processes. For example, a home contractor might do a job and then head to their car, where they’ll record a payment in a notebook, go home and create then email a receipt, add a sale to their record book, and filter all of that along to their accountant.
“That endless to-do list is a killer for small business owners. It’s stressful, it’s never-ending and it’s entirely unnecessary,” says Wave CEO Kirk Simpson. “With Payments by Wave now available for iOS, not only can small business owners get paid on the spot, but the extra record-keeping steps are automatically taken care of for them.”
In addition to these inefficiencies, there have been major roadblocks to making credit card processing accessible for small business owners in the past. The few who were accepting credit cards were carrying bulky hardware, paying unreasonably high fees, and doing manual reconciliations.
With Payments by Wave for iOS, small businesses owners and contractors can accept all major credit cards, including Visa, MasterCard and American Express. Pricing is 30 cents plus 2.9% per payment, which can be set up quickly. As soon as the credit card is processed or the cash is received, integration features ensure that the accounting system is automatically updated.
“It’s time to give small business owners the same opportunities the big guys are getting,” says Simpson. “The technology is here. The work we do at Wave is about leveraging that technology to remove roadblocks at the right price, and then getting out of a business’s way so they can hit the ground running.”