Wave Financial
Reviews and Complaints

As a small business owner, navigating finances can be overwhelming, but with Wave Financial Inc., it's like having a trusted partner by your side. The seamless invoicing system not only saves time but also ensures prompt payments, giving you peace of mind. Wave's user-friendly dashboard and expert advisors make managing your finances a breeze. While some users have faced challenges, the majority have found Wave to be a game-changer for their businesses. Join the wave of empowered entrepreneurs with Wave Financial Inc. and take control of your financial success today!

Direct transfers or payouts from customer should only take a couple days. When using Wave is takes at least a week. Meanwhile, Wave bombards my email with Wave Money, a solution to getting money fast. It is my suspicion Wave is holding funds longer in order to market a product that isn't necessary under other financial services platforms.

This company has evolved so much in the last 5 years, entitling me and my company to do the same. They make everything easy to learn and apply.

TERRIBLE customer service NO phone support NO way to reach a person.. My Money is STUCK in their system and no one is willing to help.

Processed 2k of transactions through them. They then decided to shut my account down and refund my customers after i already sent out products. So basically, im out of $2k. Worst company ever.

I have used this service for a good 7-8 years. I can't say I have had a totally stress free relationship with them- but a lot of that stress I brought on my self. All in all- these guys do a lot of the foot work that- lets face it- a small business can get swamped with. Keep up the good work guys.

A vendor of ours started using WAVE as a payment platform, We sent an ACH from our bank for an important order $13,333 WAVE will not release the funds to the vendor and said our bank could request a credit they did that and WAVE denied it. No way of speaking to anyone, no email is ever returned. If you get any response it is a general reply from a Bot

No customer phone number
Limited Email Response due to business hours
Have a large sum invoice denial and told to refund after taking the money. This is a huge delay during a pandemic...
More than willing to share payment history and discuss why we are high risk but would have rather known this before shifting our system over... Now you have the money and we don't

WaveApps falsely advertises you will receive *** payout within 2-7 days. Sadly, I found out that Wave holds funds for chargebacks which they know they will do this upfront. And WaveApps chat representative told me that the check (funds they were already holding) did not qualify for 'fast speeding the *** process so that they would payout my customer's check and wait themselves. But it didn't qualify. Very sad WaveApps falsely advertises 2-7 days without disclosing they hold check payouts automatically.

I use Wave to run the accounts for a local charity where I am the treasurer. Financial reports for the directors are trivial to create. Unfortunately my day job is not accounting, so some of the system took a little longer to grasp than would be ideal, but I have learned a lot. I collect subscriptions annually from members, many of whom choose to pay with credit cards. The only charges I have paid are the advertised fees for credit card transactions. I have no salaries to pay, but I have to account for all expenses. This is easy and accurate with the receipt and bill systems. All transactions can be tied back to and reconciled with the bank account. Overall a great system for my needs.

Hello, I've had a difficult time with your services. A customer paid me using Wave's payment service before I was contacted and told my business does not qualify to use payment links and that the customer would be refunded. I reached out to the Risk Assessment team who told me my customer disputed the transaction and the funds would go back to her account. My customer has not received the funds. I reached out to Support nearly one month ago and this issue still has not been resolved. I've lost money and Wave is at fault. I have voiced my concerns numerous times and made suggestions to improve the operations. I have closed my account and have had to turn to a competitor. I've also had to provide the service to my customer free of charge. Where is my money? I need this resolved ASAP. I look forward to a response. Regards, Angelica

My client paid an invoice through Wave, I refunded the amount the next day via Wave. My client never received the payment via Wave into his account. I ended up settling with my client directly. I tried for two weeks to get help from Wave with the issue, all i got was an endless amount of emails. I cancelled my Wave account due to this issue. *** . You are not able to speak with any customer service reps right away and maybe not at all! After I cancelled my service, I had a Wave Service "rep" actually call me (after weeks of begging for help) but only to tell me that I owed Wave the amount I had originally requested Wave to refund to my client, in which they never refund my client at all. now they are*** calling me, and have even turned me over to collections asking for an amount that they NEVER refunded to my client... I have asked for proof where they paid this and they have NOT provided this.

This is the worst small business accounting software I've encountered. I usually use wave for accounting and invoice. This is the first time, I send my invoice to my client with bank online payment. I got a congratulation email on Oct 27 and informed me that I got a payment from my client. But few days later, nothing happened! NO MONEY COME IN. ON 4 Nov 2020, 16:18 GMT-5, I got another email stating they're either going to hold the funds for 65 days or refund them back to my client. Super surprise! Why wouldn't you say something on the day the transaction was initially processed? If there is any problems, why wouldn't you tell me instead of congratulation? Why would you wait one week until my client's bank can't ask for payment return or chargeback? Why wouldn't you have the decency to call the small business owner and tell them this over the phone? That's what GOOD customer service is all about. Why isn't there a support phone number on your website? You're holding people's money and processing payments. There needs to be a phone number for a real people there. For this reason alone I'm filing with the Complaintsboard.com because that's insane.

I am in a tax service state, and attempted to use their payroll to pay a household employee. Over and over it says they can do this. However, only after I entered in loads of confidential information, for myself and my employee, am I contacted to let me know, well no, actually we don't pay payroll taxes for household employees, and yes, it will still cost the same since I am in a tax service state.

Collecting personal, confidential information first, then explaining how the service works, is beyond *** - it's irresponsible. I'd love to be assured that the data I entered will never get into the wrong hands, but I can't imagine how I'd begin to believe them.

This payroll service purports to make payroll easy, and to walk employers through the process of implementation. Their defense is likely to be, "Well, on such and such a page, we indicate the forms we can file on an employer's behalf." If they were being honest and ***, such a page would indicate what you can't do, despite advertising yourself as handling household employee payroll.

When you attempt to set up payroll, there is no initial option to select household employer - despite them advertising all over that they handle this. Had there been such a drop-down option, and upon selecting that choice, and explaination of what is and isn't offered, all of this could have been avoided.

But then, they couldn't have gotten ahold of all that confidential info... Makes one wonder.

We switched over from *** to Wave application to handle our credit card transactions and accounting platform. They asked us to send confidential information including emails and texts back and forth from our client to confirm that the credit card charge was valid. They held funds over 10 business days and would not release till showed a signed document allowing the charge and the data for emails and texts. Absolutely invasion of privacy amongst our clients and adding extra work asking our clients to sign a document that the credit card payment they made was valid. This is done after we sent the invoice to the client and they entered the credit card to make the payment. Wave is not a credit card company or needs inside personal data or third party information to allow a company to do business with its customers. Credit card holders these days receive a notification when they purchase an item on the card. If there is a unknown or fraudulent charge they can contact the credit card company immediately to file a dispute. Wave company is not a credit card or lender just a third party software link from business to client for accounting and invoicing. In addition they sent our clients an over due amount when the invoice went out the same day and was paid on the day of receipt. To this day they still have not answered any of my questions or concerns. They just keep asking for a copy of emails and signatures. They still have not provided any proper contact information, or any documentation supporting the holding of business transactions until copies of text messages are sent out. Horrible business services from Wave.

I ran a slightly larger than usual transaction on my Waves account, which resulted in them inquiring for more information about the transaction. Understandable. I reached out to their chat to ask for more info regarding what info they needed to clear things up. I was told I'd hear back the following morning. Instead, the next day they disabled payments on my account with zero warning and zero complaints from customers/chargebacks. Their reason was that my business is 'high risk' (it's not, there isn't a single payment processor that labels my business category as high risk or prohibited). When I asked if there was anything that could be done, they sent me a copy paste response letting me know the decision is final and there's nothing I can do. When I inquired further about the fact payments were disabled and asked if this was going to result in me being put on MATCH or a high risk business list, they refused to answer my email. Wonderful! The loveliest part is that they don't have a phone number to call, they have only have an email and a chat so that they can easily avoid and ignore you when there's actually an issue. I didn't think the bar for payment processors could get any lower, but here we are! I never write reviews or complaints, ever, but I felt it's important to let other small business owners know, especially if you're financially vulnerable. They won't work with you if there's any issues. If they don't have a copy paste response to wave you off with, they'll probably ignore you. I guess it doesn't matter to them, as long as they got their 2.9%+$0.30 per transaction for doing absolutely nothing.

Wave's practice of determining if a payment is "too risky" after they draft your client's bank account is damaging to small businesses.

My client's bank account was drafted as they paid with bank transfer. A few days later I receive an email stating that Wave determines the transaction to be "too risky" and provides me with two options.

One, to refund the amount and have my client pay another way. Or two, wait 120 days (the industry-standard period of time to dispute payments.)

Wave now has my money, I am not sure when this will resolve. This is detrimental to small businesses. Like many others I use credit to cover the cost of production and receiving payment for work completed is critical. I will now incur interest charges on my business *** as I carry the balance into next month.

I dont' need a corporate explanation from Wave as to why this is done. I get it. But the practice/behavior of reviewing the transaction and determining risk after you draft the funds is devious. My payment is now in "Wave purgatory." I can have no confidence in Wave's payout service as who knows, this may happen again.

Why do you not evaluate a user's "riskiness" on the front-end to prevent this issue for your users?

Services like ***, ***, and most banks have it figured out. This is not cool.

I am really looking forward to contacting my client to say, " Hi, looks like our transaction was deemed "too risky". Be on the lookout for a refund. Once the funds are there please pay me again."

Wave does a good job of making you feel like it is a part of your business. I like the software very much and was super excited to incorporate bank transfers into receiving payment. This blindsided me and has destroyed the trust that so many companies only wish they could build with users.

I was on a path of incorporating Wave's payroll and other paid services into my business. But I now have no confidence in the integrated services they offer.

***

I will now consider going back to *** and use other services to accept payments.

The way WAVE staff treated me is more than an insult to me. It is also an insult to my credit union/financial institution. It is also an insult to those who value professional services I provide enough to pay me. In the case of WAVE it needs to be stated "those who value professional services I provide enough to TRY TO PAY me."

WAVE ads are riddled with verbiage that they make getting paid easier, and help stop chasing money. The horrible opposite is true. I was paid shortly after I created then submitted an invoice. WAVE promptly applied a fee to the payment then refunded the balance to my client. I was not contacted by WAVE staff at any time by any one on behalf of WAVE for any reason while they took the liberty of making transactions on my account.

Back when I set up my account, and after unsuccessfully trying to connect my banking account, I reached out to WAVE for help multiple times in various ways. I provided email and phone as ways to connect with me. In addition I used chat, through one chat I was told I need do nothing else but wait for an email from WAVE to finish the process. Instead, they made unauthorized transactions on my account. I only discovered the unauthorized transactions because I had waited what seemed too long for an email and checked my account.

Then, when I questioned what was going on NONE of my questions were answered. Instead, WAVE staff told me I could not use WAVE.

As such, in addition to making me look bad to my client, WAVE also categorically told me I don't matter, my reputation doesn't matter, the absolute veracity of me being who I am and say I am doesn't matter. And all while they took no action at all to show me even a moment of respect.

Escalating the horrible experience is that they used *** questions to supposedly verify my identity. Consistency of PII used attests to verification of my ID. The fact that I am personally known by staff at my banking institution attests to verification of my ID. The fact that I have and continue to follow official protocol and guidelines - such as securing my DBA, EIN, filing taxes, attend pre-bid meetings, offer professional services in professional settings, et cetera - attests to verification of my ID. My client first being introduced to me through opportunities stemming from my professional services as provided through an employer then evolving to a personal professional client attests to verification of my ID. ..

How convenient WAVE took personal identifying information from me and accepted payment on my behalf - including payment options I didn't request or authorize (per language by them stating it is automatically something they offer) before ultimately deciding I don't matter enough to receive solid services to continue building my brand.

They actually basically said I am/my business is too small - too small a small business - to be of any worth to WAVE.

This horrible accounting system has taken simple cash basis billing, payments and receivables and turned it into a nightmare of counting sales over six times! There appears to be no simple way to fix it without hiring them to help. We decided to buy a new simple accounting software and are starting all over. They charge an arm and a leg for credit card billing and make you wait an eternity for your money, then it's a questionable as to whether we've gotten everything they owe us. They are chronically spamming us for "accounting" assistance, payroll assistance etc. We are so small we haven't paid ourselves yet. So of some $68,000 in total sales the idiot program has counted it as $378,000+! It's total insanity! We are moving to Quicken. Thank God I caught it and I know better than to ever think any software is free. There is absolutely no reason for any simple cash basis business to use WaveApps unless you have endless hours or money to pay a CPA.

I cannot sign in to my online account. Their support could not help (see attached communications). We tried changing passwords for the various accounts I had. Nothing worked. I have all my unpaid invoices listed there that I cannot access to send to clients.

The main account is under [protected]@scriptor.la

also used [protected]@writer-editor.pro; [protected]@icloud.com; [protected]@gmail.com

Contact me at [protected]@icloud.com [protected], call after 10 a.m.

I tried to as for improperly collected Fees by the company several times but they don't want to even acknowledge wrongdoing. They are advertising FREE invoicing, which I used a couple of times. Meanwhile, they collect payments to me directly from vendors and charge an instance fee of 3.9 %. I asked them to remove that option (There is a record from customer service chat) I NEVER AGREED TO COLLECT PAYMENTS THROUGH THEM. After deleting the Credit Card payment method 2 times I saw that they still activate it. ON my side the invoice didn't show a payment option but when I send it to a vendor, they see it. Thus WAVE kept collecting money and holding it for a week, gaining profits. I asked for the transcript of the chat where I specifically asked not to be charged fees, and for WAVE NOT TO collect payments for me. They refused to provide it. Extremely ***, they canceled the customer service chat when I asked for the previous transcript, and said only way to get the money from the FEES is to cancel all payments made to me. The customer service agent, though recognized that they had a glitch! that caused the credit card payment to be turned on again. ( I am adding a screenshot) FOR THE RECORD I STILL DON'T SEE THE CREDIT CARD PAYMENT OPTION ACTIVE, BUT WHEN CREATING A TEST INVOICE AND SENDING IT IT IS. MEANING THEY STILL KEEP IT OPEN TO COLLECT FEES ALL I WANT IS MY $208.00 DOLLARS (FROM 3 TRANSACTIONS) BACK

Client paid me 6/2/22 via Wave. At that time Wave said it takes 7+ days for a payment and their instant payput option was not available (which was odd). I knew that the client paid me with the same bank as me and that it should be a relatively easy transfer. Most of what I was looking at was through their app until today 6/7/22 when I logged in from my laptop to see that the payment being routed to an account not associated with me. It's being routed to an account without my name on it. I do not know whose or where. I have only ever had my bank as an option. I immediately change this information to my bank. I am now alarmed that my account has been compromised. To report a problem Wave states a 2-day wait for email response and via BOT estimated time to speak with a human is 2 min. Fourty minutes go by and I can no longer wait. I have an appointment. I return from my appointment and get back into que which has now been an hour with no support. It occured to me that this happened to me before with Wave. I believe in October . Again I received a direct bank payment from a client and it was routed to another account not associated with me. I was able to chat with a human and this was resolved quickly an I received my payment. Now that this has happeded twice, I am becoming suspicious of Wave. Once to have a hacked or compromised problem hopefully alerts a company to a breach. The fact that this happened twice now has me questioning Wave's practices.

I started using Wave for their free accounting app for my design consulting firm, DesignPro LLC. Wave offered my new business a payment service that was disappointing. Two clients paid an invoice via ACH Wave Payments for $263.41 and $1,500. Both payments were made on 08/25. The next day, I was informed these transactions were canceled and held for 65 days before being returned. My clients tried to initiate returns with their banks unsuccessfully because Wave did not provide sufficient information. Their banks mentioned a 65-day hold was unusual, as returns typically take two weeks. The returns were due by 10/29 per Wave's message. Now, 17 days overdue, my clients haven't received their funds. Attempts to contact Wave have gone unanswered. I've attached relevant invoices, receipts, and Wave communications. The opaque and prolonged withholding of funds after introducing Wave Payments is unacceptable. It has affected my livelihood as a new business owner. I am very upset by this situation and will be reporting Wave to the Federal Trade Commission for their actions and considering legal steps for resolution.

Wave Financial stated they would refund the money held after 120 days and did not do this. We have emailed at least 15 times and tried to chat and call and received no response. Per the last promise and email from Wave Financial: Leonard Sergnese (Wave ) Apr 9, 2021, 5:59 PM EDT Hello ***, A deeper dive on the account was made and unfortunately the decision is final. Any funds that have not been charged back will be released to you in 120 days time from the payment date. All things were considered during the review however it was too high of a risk to provide payments to this account any longer. Thank you for your understanding. Sincerely, Wave Payments Risk Team *** Emails sent to Wave Financial at least 15 times... From: Sales Email Sent: Thursday, September 9, XXXX X:XX PM To: Wave Subject: RE: Request Received: RE: (Wave ) Re: (IMPORTANT) Your Wave Payments Account ***, what day and what amounts can we expect our money to be returned to us that you have been holding onto for 120 days? Thank you

I set up a wave account to simply take ACH payments from a client because I had no way of doing so on my Square app that way you normally use or at least I didn't know how I set up the account and took payments from two of my clients first I received a thing saying my account was being set up allow 2 to 3 days or something like that then I get my account is approved you may not start excepting payments then about three days later I received an email saying that they cannot provide me any accounting service in my payments would be held for 65 days I am losing out on $4000 almost and would like those payments deposited into my bank account because they were already approved and were supposed to be pending they were taking out over a week ago from two of my clients accounts and they are not requesting a refund and live out of the state so it's not like that I can just go drive up to their house or we can do this a simple way this is ridiculous they should have reviewed the account before they even took the payments makes no sense and it's so unprofessional that I would have to call a client to even ask about this so therefore I am not they did what they were supposed to and make their payments now I would like for this company to at least release the two payments that they took from my clients to my bank account and if they choose to go ahead and not offer us account service that's fine but the two payments that they agreed and already took for my clients I would like to release to our bank account as soon as possible this is ridiculous thank you

On Monday, I set up an account for my business to deliver invoices and receive payments through Wave, and invoiced a client. Yesterday, I received confirmation through Wave that the ACH transfer payment was processed and would be deposited in my business account. I sent my client a receipt and everything seemed fine. Then, this morning, I received an email from a "risk analyst" at Wave that my payment is being held based on "how long you have been in business, the industry in which you operate, your business's online presence, and prior financial history." Their explanation of next steps: "Bank payments will be held for 30 days. If it has not returned in that amount of time it will be refunded back to the account holder. If they require the funds sooner, they will need to initiate a return from their bank directly." My business has been established more than 6 months, is in good standing with the state of Washington, has never had any transaction disputes, my client did not ask for a refund or dispute the charge, and I did not violate any of their terms of service. Nowhere in their terms of service do they explain that they can hold payments for the reasons stated in this email.*** They do not have a customer service number, I confirmed that the email was indeed from their risk analysts via *** which was entirely unhelpful otherwise, so it isn't a third party ***. I would like my payment processed, an apology, and a refund for the 1% service charge they have already collected. I would also like them to make the risks abundantly clear so no one else finds themselves in this absurd situation.

For the second time in two weeks, Wave has processed an invoice, taken their healthy fee, and then frozen my funds. The first time was because my website isn't live yet. I had to provide a ton of info to them in order for them to release my payment to me (again, they had gathered theirs, no problem). The second time, upon reviewing the contract and TOS, I asked why my account isn't available for the advertised instant payout option (which of course involves another fee, that I would have gladly paid to get my earned pay from my client. To quote a Wave press release from 2019, in which they announce instant payouts: "Cash flow is a make-or-break issue for small businesses-after all, 82% fail because of cash flow problems. That's why we're excited to announce that we're teaming up with Visa to make cash flow issues a problem of the past for small business owners. We're introducing Instant Payouts, a new way to access the money you've earned within seconds. Instant Payouts will change the way small businesses manage their cash flow. Rather than waiting the typical payment processing times-up to two business days-Instant Payouts allows business owners to use the money they've earned immediately to grow their business or pay expenses. "Small businesses depend on cash flow to survive," said Les Whiting, Chief Financial Services Officer at Wave. "Often they have to wait two banking days or more for their payments to process through traditional banking methods." There is no warning in Wave's Terms of Service that your company might be barred from your own money due to decision making by a "risk team" that is inaccessible via customer support (which is inconveniently only available via chat 8 a.m. to 5 p.m. M-F. There is no warning that after you send an invoice through their system, and the invoice is paid, that they may just freeze your funds bc your website isn't live yet.

On March 25 the risk team sent the following email: We request you to please choose one of the following options for your pending payouts: 1. Your payment(s) will be cancelled, the credit card transaction(s) refunded and funds returned to your customers bank so you can accept another method of payment. And for Bank payments, your customers will need to initiate a return from their bank directly. 2. Your funds will be held in reserve for 120 days, which is the industry standard period of time cardholders can dispute or chargeback payments. Any payments that have not been disputed after that period will be released to your bank account. Business Response: Option 2 please advise what the date will be when funds will be deposited into (Business name abbreviation) business account ? Wave replied the following day : This is confirmation that we will hold your payments for 120 days from the date the sale was made. Any payments that have not been disputed at that time will be released to your bank account. *At this point Wave Payments Risk Team was holding $96,052.63 - 1 payment was processed with a debit card and 8 payments were processed Bank/ACH. On 9/8 Wave refunded 1- client who paid with their debit card which they charged merchant fees after refunding most of it to client. Wave completely failed to honor the 120 day confirmation in which was acknowledged via-email. In over 120 Days+ and Wave is still holding : $86,100.18. Per Waves email above: "Any payments that have not been disputed after that period will be released to your bank account." After several attempts to reach wave by email to resolve this still no response. It has been 251 calendar days and 169 working days excluding weekends and public holidays. Even paid Wave to speak to support to attempt to get this escalated and they issued me a refund and said they cannot help it can only be done by email. Help please.

Wave Financial Inc HOLDING MY $16,396.00 for 65 DAYS! I invoice my customer via Waveapp platform, they added a "pay now" button on the generated invoice which received payment from my customer as a middleman for a fee. I did not know about this and had not added banking details to their system, my customer didnt know this, they followed what seemed like the preferred payment method. The preferred payment method was bank transfer or *** and i added my bank account on the invoice. The customer paided me via Waveapp on the July 16, 2022 - A payment for $16,396.00 was made. waves requested my banking details on the 18th July 2022 and i added them to the system and also contacted waveapp and complained... on the 26th July 2022 i received an email from "*** @ ***" "Bank payments will be held for 65 days. If it has not returned in that amount of time it will be refunded back to the account holder. If they require the funds sooner, they will need to initiate a return from their bank directly." This was my response: "Harby, this email is not directed at you but at your company. this is so completely outragous! firstly, wavesapp highjacks my payment on the invoice by adding the payment option that i didnt ask for, confused my customer who used it in error, you take a fee as middleman when neither of us knew what was happening or where the money was... you hang onto my money for 10 days, now i have got to go back to the customer with my tail between my legs saying that somehow the funds are back in their account and they have to redo payment! which makes me look like a chop! and there is nothing i can do about it, you can *** doing whatever you want, and i just have to deal with Wavesapps ***!" My customer has contacted their bank today and *** bank has informed my customer that they cannot do a refund and reversal. I would like WAVES to immediately release our funds

We started a new digital marketing company and chose to use Wave apps (and have referred a few other businesses to the platform) for payment processing services. Without warning, after accepting 2 payments and invoicing other customers, i received this email: Thank you for your interest in the Wave Payment service. We're reaching out to let you know we have reviewed your account, and unfortunately are unable to continue providing payment processing services for your business. What caused this? We consider a number of factors when evaluating eligibility for a Wave Payment account, such as how long you have been in business, the industry in which you operate, your business's online presence, and prior financial history. Payment processing comes with various risks that expose both your business and Wave to financial losses from uncollected refunds and payment disputes with customers. For these reasons we conduct account reviews to determine eligibility to use the Wave Payment service. What happens now? Credit card payments which have not been paid out to your bank account will be canceled, the transaction refunded and funds returned back to your customers bank so you can accept another form of payment. What about the rest of Wave? All other Wave services, including Wave Invoicing, will continue to work without any interruption. Thank you for your understanding. Our operating hours are Monday to Friday 9am-5pm EST should you have any questions. Thank you, Suzi @ Wave Risk Analyst, Wave Payments Their chatbot is useless. I was not able to find a phone number or email, and this is poor business for a financial company. After coming here it looks like this is an ongoing issue, which is sad because I really liked their interface. With no one to talk to and thousands on hold I will be forced to take my business elsewhere if this isn't resolved immediately- as well as alert those I have referred- and others- so that they do not encounter the same issues.

Hello Wave Financial is not paying me over $50,000 for over 180 days. I received email on July 5th that they will no longer provide me service. I've received only $2300 payment from them and they kept the rest with stating that after 65 days money will be released. That never happened as of today. This is the email I received from Wave Risk Team on July 5th. "Wave Payments Team (Wave ) Jul 5, 2021, 2:39 PM EDT Hello, Thank you for your interest in the Wave Payment service. We're reaching out to let you know we have reviewed your account, and unfortunately are unable to continue providing payment processing services for your business. What happens now? Credit card payments which have not been paid out to your bank account will be cancelled, the transaction refunded and funds returned back to your customers bank so you can accept another form of payment. Bank payments will be held for 65 days, the industry standard return window for ACH payments. If it has not returned in that amount of time it will be refunded back to the account holder. If they require the funds sooner, they will need to initiate a return from their bank directly. . I contacted my costumers to ask for new payments They said no refund was send back to their accounts. I send them emails several times to ask why neither costumers or our company didn't received payments yet. No response. Finaly they have responded Oct 13th that they have returned funds to several costumers. For the rest they said that Bank returned the transactions back to them (Wave) I contacted some of the costumers and they confirmed that account was closed. I approached Wave risk team with a new account number for the costumer and they said that up to 8 days Here is the original comunications with Wave Risk Team DG (Wave ) Oct 13, 2021, 6:44 PM EDT Good day, Please be advised that we have refunded all invoices back to your client's bank accounts effective today . Invoices

On April 13th, 2022 a client paid an invoice through Wave Financial payment processor in the amount of $2,200. The client paid using their *** account through ***. Unlike every other payment, this payment was marked Pending with a payout date of April 15th, 2022. On April 15th, the payment was not paid to our bank account. We received an automated email from Wave claiming the payment was made from a Russian or Belarussian account and was going to be refunded. We reached out to the client who made the payment and discovered that the client was charged twice for the invoice and was missing $4400.00 from his available balance. The client had not received any refund or notice of a refund. We reached out to Wave which is impossible because their Support system was offline for several hours during normal business hours. I was finally able to send a support email through their automated chatbot. I explained the situation in full detail. This morning, we still have not received the payout for this payment, and the client has not received any notice of a refund, however, one of the $2,200 charges had been removed from his pending account. We received what appeared to be another automated email from Wave this morning claiming that the payment was made from a Belarussian account and will be refunded. The email also said we should pursue payment from the client elsewhere. In all communications to Wave, I have clearly stated that the client has no relation to Belarus and there must be an error in their processing system. The client is an American Citizen living and doing business in the USA. The client is able to continue to use his *** account and *** without issue everywhere else. This setback has caused damage to our cash flow and our reputation with the client. We are requesting an immediate investigation and full disclosure from Wave Financial, and an immediate response with full admission of the error or proof that the client paid with a Belarus account.

In August I opened up an account with way financial because their ad had stated that it was the best and easiest way to get paid faster as you were a self-employed person so I entrusted in this ad I opened up an account and one of my customers had owed me for about eight and a half months of back pay for child care her unemployment had finally hit and she had made several different deposits into my wave account as payment for fees and late fees and overdue payment of child care services as she made the payments through my wave account they had placed 120-day hold on them and told me that as soon as the 120-day hold was up that they would deposit my money into my account as of December I was told that the third weekend December my money would be released and I would get a deposit then I was emailed by wave letting me know that they could not deposit my money that the money was going to be refunded back to my customer and that the money had already been refunded back to my customer as of November and nothing was ever told to me about this they never emailed me telling me this before the only thing I was told that 120 days was the weight limit and then my money would be refunded my customer signed a authorization form that I up met uploaded and emailed to them my customer even emailed them herself my customer's Bank emailed them and gave them an authorization form and I gave them all proper authorization forms and documentations for them to release my money and we reached the end of the 120 days and I'm told that they had already refunded the money back in November that is completely wrong there has to be something done and I want my money ***Document Attached*** Nothing that they have done so far withholding my account and my money has been right sound sounds that it's fair keeping my money from me and telling me different things every time I talk of somebody through their risk department I would just like to get paid what's owed and it's only right and only fair that they keep their word of what they've posted on line saying that they're the most best way best safe this way to get paid and it's to me untrue

We had one of our customers pay their bill they owed us on March 4 for $23,400.00 on the WAVE online service. They paid this bill using the "Bank Payment" option and the bank account that was set up to accept these online payments is for credit card transactions only. The WAVE system isn't set up to accept bank payments (ACH or EFT) when the bank has a bank intermediary beneficiary account number like the bank we have. We found out that the funds left our customers bank account on March 6 and transferred into the WAVE bank account and got stuck because of the WAVE deficiency has with not being able to add bank intermediary beneficiary account numbers like the bank we have. We noticed that 7 days after the payment was made by our customer the funds still hadn't been deposited into our account yet. Since there is no phone number for us to call WAVE to inquire into this deposit and talk to an actual person we are stuck going back and fourth with emails only with WAVE. WAVE seems to keep referring to our customer to simply reverse the credit card payment our customer made which our customer made a bank payment and not a credit card payment. Bank payments have time limits and once you exceed that time limit the payment can not be reversed. We have asked WAVE several times now to simply wire transfer our payment directly into our bank account and have even emailed and faxed our wiring instructions for WAVE to make that happen. *** All we need is a little help from WAVE to send us the funds that should have been deposited into our bank account from the outset. Thank you for your time. *** President/CEO

Wave decided that my Sporting Goods business that sells firearms is not one that they want to be affiliated with. Wave went into my account and looked through my invoices and decided that recent Wave Payments that were made to me were of firearms, thus holding my funds for 120 days. No where in terms and conditions is this located. No investigation was held, No call back phone number is listed to speak with a live person. A second email was sent by Wave stating the exact thing as the first, No explanation. I contacted my legal team, and spoke with the Arkansas Attorney General's Office, and Complaintsboard.com. I attempted to communicate with the email they sent but no answer. Wave is blaming this on the banking partners, however no banking partner is listed to contact. I acknowledge that I have invoices that do indicate that firearms and ammunition were bought through my business, however no firearms nor ammunition was purchased through Wave Payments. I have read the Terms and Conditions provided by Wave, and I shared this with my legal team and the Arkansas Attorney General's Office. I am seeking the processing of my customers credit card payments through Wave Payments, for the payments did not violate any Wave Terms and Conditions. I am attempting to utilize all methods of contacting Wave and having my credit card payments processed before I file a formal complaint with either the Arkansas Attorney General's Office or the Complaintsboard.com. (1) No Investigation, or explanation was provided on how Wave determined these credit card payments were used to pay for firearms. (2) I did not provide Wave access to view my invoices, and in the Wave Terms and Conditions it is not stated that Wave has admin access to review account holders accounts. (3) No phone number is provided for Wave or Banking Partner, to speak with a person about my issue. (4) Nothing is stated in the Wave Terms and Conditions that says funds will be held for 120 days. This is ambiguous and vague. (5) The customer has already received the item, thus if a refund is provided by Wave, no guarantee the customer will use another form of payment to pay again. I am just seeking processing of my customers' credit card payments, for the payments did not violate Wave Terms and Conditions. I am also seeking explanation on how Wave reached their decision on how these payments were deemed as being paid for firearms. Lastly, where is it located in the Wave Terms and Conditions that allows Wave to access account holders accounts and invoices to determine what payments are paid for. I received the same email two straight days from *** with no response to my listed questions

My small business opened a Wave Account to use for accounting and bookkeeping. We were currently using *** and *** for bookkeeping and payroll for all our other companies and seen WAVE as part of ***. Therefore, we decided to use WAVE for our third company as a economical way to start our bookkeeping. Once in WAVE, my small business sent an invoice of $10,000 on Nov 20, 2020, to my Parent Company, which is also a small business, for Learning Management System cloud services and OnDemand Library Training. The Parent company paid the invoice with a *** Small Business Bank Account on the same day. Funds were taken out of the account of the Parent Company once the invoice was paid. When my small business tried to receive and send the money received from our Parent Company to our bank account, WAVE refused to allow my company to transfer the money to our bank account. Instead they asked for me to reply to a few questions. I replied with the information requested. WAVE then decided they were not going to allow my company to process payments. When I asked why, WAVE would not respond with an explanation. I sent prior invoices showing business activity, business ownership and I requested to talk with someone. WAVE refused to speak with me. I then arranged a meeting with a*** Small Business Specialist since all my companies have a good relationship with this bank to talk with my company and Wave. WAVE representatives refused to attend and stated that they only talk via email. I reached out to WAVE several times asking WAVE if my company could not receive the money, then to have the money sent back to the Parent company account. WAVE also refused and said they would not send the money back to the Parent Company account until after 65 days. I spoke with*** again, and the Specialist stated that their wasn't any thing wrong with the transactions between the two companies and that WAVE should not have a problem returning the money. I explained this to the WAVE team and they still refused to return the money to the Parent Company. It has been over 90 days and WAVE is still holding $10,000 that has not been returned to our Parent Company. After a whole month of going back and forth on email, WAVE stated that they refuse to refund money back since I owned both businesses. WAVE is refusing to refund the money because I own both small business. There is nothing wrong with owning multiple business that offers different services. I have been going back in forth with emails with WAVE trying to get my money refunded for over 3 months now after WAVE said they would refund it after 65 days. All my companies do business with *** and *** and I have never encountered such a problem. The customer service has been horrible and WAVE does not seem to care about small businesses or providing good customer service.