File No. 105
Wave pricing: the free plan and what Pro actually adds
One of the few accounting tools with a free plan that allows unlimited invoicing. The subscription is the small number here; the transaction rate is the one that decides what Wave costs.
The short answer. Wave Starter is free and allows unlimited estimates, invoices, bills and bookkeeping records. Pro is $190 a year or $19 a month. The difference that matters most is the card processing rate: Starter charges 2.9% plus $0.60 per transaction, Pro removes the per transaction fee.
What each plan costs
| Plan | Price | Billed | Checked | Source |
|---|---|---|---|---|
| Starter | $0 | free, no expiry | Vendor page | |
| Unlimited estimates, invoices, bills and bookkeeping records, optional online payments, the mobile app and one dashboard for cash flow and customers. | ||||
| Pro | $190/yr | billed annually | Vendor page | |
| Adds discounted payment rates, automatic bank transaction import, auto categorisation, unlimited receipt capture and automated late payment reminders. | ||||
| Pro | $19/mo | billed monthly | Vendor page | |
| The month to month rate, read with the Monthly toggle selected. Twelve of these is $228, against $190 for the year. | ||||
What the free tier actually allows
- The free plan is genuine and has no expiry. It allows unlimited estimates, invoices, bills and bookkeeping records.
- Accepting online payments is available on the free plan. It is the rate that differs, not the capability.
- This is the clearest free tier of any tool filed here so far. HoneyBook has none, and PandaDoc caps its free plan at five documents a month.
What the pricing page does not say
- The subscription is not the main cost. On Starter, card payments are 2.9% plus $0.60 per transaction and Amex is 3.4% plus $0.60. On $5,000 of invoices a month at an average $500, that is roughly $151 in fees against a $0 subscription.
- Pro's benefit is partly the removal of that per transaction fee, shown on the page as 2.9% plus $0 with an asterisk. The footnote behind the asterisk was not read on this check.
- Paying monthly costs $228 over a year against $190 annually, which is the $38 the page advertises.
- Bank transaction import on Pro carries three asterisks on the page, which usually marks a regional or institutional limit. That footnote was not read either.
The subscription is the small number
Wave is unusual in this category: the free plan is not a trial and not a crippled demo. Unlimited estimates, invoices, bills and bookkeeping records, at no cost, indefinitely.
So the interesting question is not what Wave charges. It is what processing costs.
| Invoiced per month | Average payment | Card fees on Starter |
|---|---|---|
| $2,000 | $500 | about $61 |
| $5,000 | $500 | about $151 |
| $10,000 | $500 | about $302 |
At $5,000 a month in card payments the fees are roughly eight times the Pro subscription. Anyone choosing Wave on the strength of the $0 is optimising the wrong number.
What Pro changes
The page shows Pro's card rate as 2.9% plus $0, against 2.9% plus $0.60 on Starter. On a $500 invoice that saves 60 cents, so at ten invoices a month Pro has paid for roughly a third of itself before any of its other features count.
That asterisk is doing work, though, and the footnote behind it was not read on this check. It is recorded as unconfirmed rather than assumed.
If this one does not fit
- FreshBooks not published
- The usual paid comparison for invoicing, and the one most often set against Wave on price.
- HoneyBook $29/mo
- Covers invoicing alongside contracts and a client portal, but has no free plan.
Questions
- Is Wave actually free?
- Yes. Starter costs nothing and allows unlimited estimates, invoices, bills and bookkeeping records, with no expiry. Payment processing is charged per transaction.
- How much is Wave Pro?
- $190 a year, or $19 a month if paid monthly. Twelve monthly payments come to $228.
- What does Wave charge per transaction?
- On Starter, 2.9% plus $0.60 for cards and 3.4% plus $0.60 for Amex. Pro is shown as 2.9% plus $0, with an asterisk on the page.
- Is the free plan limited on invoices?
- No. Unlimited invoicing is on the free plan. The limits are on bank import, receipt capture and automated reminders, which are Pro features.
- What is the real cost of using Wave for free?
- The processing rate. Invoicing $5,000 a month in $500 payments costs roughly $151 in card fees, which dwarfs the $19 subscription it would replace.
What this check confirmed
Both billing states were captured by switching the Monthly and Annual toggle, so $19 a month and $190 a year were each read rather than inferred. The page's "Save $38" claim checks out: twelve months at $19 is $228, which is $38 above $190. The Pro transaction rate is shown with an asterisk on the page and the footnote was not read on this check.
Figures on this file were read off the vendor's own pricing page on the dates shown. Prices change without notice; check before buying.
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