BRUH. DO NOT use Wave Payments
We processed a $12,071 ACH payment through Wave in April for completed electrical work for a returning customer. Wave flagged the payment and asked for documentation. We gave them everything they asked for, including a signed confirmation from the customer that the work was legitimate and they intended to pay us. Wave shut down our payment processing anyway.
Then they told us they were holding the $12,071 for 70 days and would eventually refund it to the customer instead of releasing it to us. There was no dispute. The work was completed. The customer wasn't asking for a refund. We explicitly told Wave we did not consent to refunding payment for completed work.
Now Wave says they refunded it, but the customer never got the money. It's been FOUR MONTHS.
At this point, we are PAYING WAVE for a subscription just to access support and ask them where the $12,071 went. I'm 14th 11th in line in their support chat trying to get an answer right now, but I'm not optimistic.
For a small business, $12,000 can be make-or-break money. It is absolutely insane that more than four months later, neither the business that earned the money nor the customer who paid it has it.
Do not process money through Wave that you can't afford to have disappear for months.
I'll update if we ever figure out where the money actually went.