Wave Accounting Will Enable Mobile Credit Card Acceptance

by Mercator Advisory Group 0

Cloud-based small business accounting provider Wave has announced another add-on available to users of its basic accounting system.

Canada-based Wave is accepting reservations for next month’s launch of an iOS-based mobile app developed in partnership with Stripe. It will enable clients to accept credit cards for payment in real time, either by typing in card details, or by capturing an image of the card. The automatic integration with Wave’s revenue accounting and accounts receivable will eliminate another stage of data entry and simplify book-keeping.

According to Wave CEO Kirk Simpson:

“For our existing customer base it’s a value-add that allows them to replace some of the payment mobile apps that they are using today that don’t have a seamless end-to-end experience for the transactions they are creating … And we definitely believe that it will be a compelling feature for new Wave customers to know that they can accept payments wherever they are and that all of their accounting will be handled automatically behind the scenes.”

Wave also announced a new benchmark with respect to numbers of users, now 1.5 million, triple the 500 thousand announced at year end 2012. Venture-backed Wave seems to be succeeding with its “free accounting” cloud model. It uses an ad-funded business model to support the users of the low end accounting application, and charges usage-based fees for add-ons such as automated payroll. Card transactions will also carry fees, quoted as $.30 plus 2.9% for each payment.

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