Wave has debuted Wave Money, a combined banking, bookkeeping and payments solution for small businesses and entrepreneurs.
The solution integrates with Wave’s financial management software for a full money management experience. With people across the U.S. continuing to try to minimize contact during the coronavirus pandemic, more functionality on online software is in high demand.
The average business using Wave pays more than $425 a year in banking fees, according to the tech company. There are no banking fees associated with Wave Money.
Features include:
- Automatic expense categorization allows business users to track business expenses with little prior knowledge or experience;
- One place to manage business income and spend with real-time bookkeeping, with the goal of providing tax-ready records at the end of the year; and
- A business bank account, debit card and mobile app so business owners can deposit funds, spend with the Wave debit card and manage everything within the Wave Money mobile app.
There are no account minimums or monthly fees, free instant payouts, free built-in bookkeeping, mobile check deposit, and access to a free ATM network in the U.S. Business owners can also pay vendors and contractors via email, send and receive ACH transfers, and deposits up to $250,000 are insured by the FDIC.
“Wave Money is made specifically for the entrepreneur who loves their work, not bookkeeping,” said Kirk Simpson, co-founder and CEO of Wave, in a statement. “It’s free and makes managing small business finances easy, even for those with little finance and accounting knowledge. Now more than ever, small businesses need all the help they can get. Many small business banks have fees, complicated record keeping and can take days to give business owners access to their money. When the stakes are higher than ever, this is not acceptable. It’s time the small business community has a free banking and bookkeeping solution that empowers them to do what they do best — run their business.”
