Wave takes an unusual approach to business software pricing: the core product is free and the company earns revenue through payment processing fees and optional paid services. This is not a limited trial — accounting, invoicing, and expense tracking are fully functional with no client limits, no invoice caps, and no time restriction.
The free tier covers the fundamentals that most one-person businesses and early-stage freelancers actually need: creating and sending invoices, categorising expenses, connecting bank accounts for transaction import, and generating basic profit and loss statements. For a solo consultant or service provider who needs to track income and expenses without a CFO, this handles the job.
Wave Pro at $16/mo adds receipt scanning via mobile, automated payment reminders, and priority customer support. For businesses that process a high volume of receipts or find the free-tier support turnaround frustrating, the upgrade is reasonable.
Payroll is a separate paid product. In tax-service states — where Wave handles tax calculations and filings — it starts at $20/mo plus $6 per active employee. In self-service states the base fee is lower but tax filing responsibility stays with the business owner.
The payment processing fees are the main revenue mechanism and the main cost to watch. Accepting credit card payments costs 2.9% + 60¢ per transaction, which is on the higher end of standard processing rates. Businesses processing significant payment volume should compare this against Stripe or Square before committing.