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Business Profile

Financial Services

Wave Financial Inc
BBB accredited business seal
BBB Accredited BusinessA+Rated by BBB

Important information

  • Customer Complaint:
    Due to the volume of complaints received, BBB is publishing the details (text) of 50% of complaints as a representative sample.

Complaints

Customer Complaints Summary

  • 164 total complaints in the last 3 years.
  • 55 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint status

Complaint type

  • Initial Complaint

    Date:23/08/2022

    Type:Sales and Advertising Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Wave Financial accepted a payment from our client and refused to deliver it to us. Instead they held $4,000.00 USD for 65 days which was a significant impact to our small business.

    They made it very easy to accept bank payments when sending an invoice, without warning that they could be held/rejected.

    Their justification in the email notification was vague and unhelpful. Apparently it is because of a lack of business credit but this requirement wasn't posted prior to accepting online payments!

    Business Response

    Date: 31/08/2022

    Like all financial companies, every business that signs up for our Payments service undergoes a thorough risk review, and in some cases and for various reasons a manual assessment is required after transactions have occurred. Not all businesses pass the assessment and in these cases we have no choice but to decline the account which was unfortunately the case for you. The refund was issued on August 16 2022 and can take up to 7 business days to process back into your client's account. For more information on our Terms of Service: https://www.waveapps.com/legal/wave-payments-terms-of-service-united-states


    Customer Answer

    Date: 03/09/2022

    (The consumer indicated he/she DID NOT accept the response from the business.)

    There is nothing preventing you from doing a 'thorough risk review' PRIOR to accepting payments. It's that simple. Change your deceptive, unfair payment policy and sign-up process.

  • Initial Complaint

    Date:09/08/2022

    Type:Customer Service Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Wave has held $16000 for a payment for 10 days and has cahnged the "payout date" 4 times already. I am in an endless loop of Wave saying they will release the funds tomorrow, and then changing the listed payout date to the next day. They cannot take payments for small businesses (who extend terms to customers on their own) and then hold those funds. I have been a customer of theirs for 7 years and have been paid millions and millions of dollars through them, but this is the last straw. They offer $4400 to be released instantly for a 1% fee ********************************************* for my own money. They need to be stopped from indiscriminately holding small businesses money and then offering some of it to that small business at a larger fee.

    Business Response

    Date: 01/09/2022

    Business Response /* (1000, 5, 2022/08/18) */
    Thank you for the opportunity to respond. Bank Payments take some extra time to be processed and verified through the ACH Network. You can typically expect Bank Payments to arrive in your bank account between 2 and 7 business days. For more information, please review our terms of service: https://www.waveapps.com/legal/wave-payments-terms-of-service-united-states

  • Initial Complaint

    Date:09/08/2022

    Type:Customer Service Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I have set up payments to be deposited directly to my account using Wave Financial, Inc. platform they requested additional information from me to verify my relationship between customer over payments they have made to me and they have collected and processed payments and have it on hold. They have no valid point of contact to get this addressed only via email and they will not respond. Although it says they will respond 90% in 1 business day. I have yet to collect my money totaling $19,275 deducting there fees. I need this resolved IMMEDIATELY. PLEASE! I need my money.

    Business Response

    Date: 01/09/2022

    Business Response /* (1000, 5, 2022/08/12) */
    Like all financial companies, every business that signs up for our Payments service undergoes a thorough risk review, and in some cases and for various reasons a manual assessment is required after transactions have occurred. When this is case, we hold the funds, contact the customer in an effort to gather more information, and try to resolve the issue. This process is for the protection of all parties involved and part of our financial obligation. After conducting this further investigation, our risk team has deemed your payments fully active and you are able to continue processing payments if you choose. We apologize for any inconvenience.

  • Initial Complaint

    Date:09/08/2022

    Type:Customer Service Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    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

    Business Response

    Date: 12/08/2022

    Like all financial companies, every business that signs up for our Payments service undergoes a thorough risk review. Unfortunately we are unable to proceed with processing payments on your Wave account due to higher risk of chargebacks. Typically, banks give the cardholder the option to recall a payment made using ACH and not yet deposited into the business owner's account. Our team recommended this option for you and your client. Please contact your client and ask them to reach out to their bank. They will be issued a "stop payment" on this payment which has not been processed or deposited into your account. This is the fasted and best method for your client to receive their refund.

    Customer Answer

    Date: 15/08/2022

    (The consumer indicated he/she DID NOT accept the response from the business.)

    i did not sign up for your "Payments service" and my customers payment is in limbo for 65 days if we even get it back! My customer called their bank and their bank cannot get the funds back...they canot process a refund or stop payment... so we are at a loss and at your mercy. give us our money back!

    Business Response

    Date: 26/08/2022

    Per our internal risk policy and after a thorough evaluation conducted by our Risk Team, we stand firm in our assessment and the ACH transaction will be held for 65 days. A refund will be issued September 23 and can take up to 7 business days to process back into your client's account. For more information on our Terms of Service

Wave Financial Inc is BBB Accredited.

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