Wave is one of the most popular invoicing platforms in Canada, largely because it's "free forever." For freelancers watching their expenses, Wave seems like the obvious choice—unlimited invoices, clients, and basic bookkeeping at $0/month.
But here's what most freelancers discover too late: Wave's hidden costs go far beyond money. Payment holds that freeze your cash flow, minimal support during crises, and a closed community forum that reduces transparency can cripple your business when you need it most.
This guide breaks down the real cost of "free" invoicing with documented evidence and shows you why transparent, paid tools often save you money—and headaches—in the long run.
The Appeal of Wave's Free Plan
Let's start with what makes Wave attractive:
What You Get for $0/Month
- Unlimited invoices and estimates
- Unlimited clients (no arbitrary caps)
- Basic bookkeeping (income and expense tracking)
- Bank connections for automatic transaction imports
- Receipt scanning via mobile app
- Dashboard reporting with basic metrics
On paper, Wave looks unbeatable. It's not a "freemium" bait-and-switch—the free plan is genuinely functional for basic invoicing.
So what's the catch?
The problems emerge when you start relying on Wave for your business operations.
⚠️ Wave Closed Their Public Community Forum (2024)
In 2024, Wave shut down their public community forum where users previously discussed issues and sought help from peers. All community URLs now redirect to a generic help center.
What this means for you:
- No public space to see real user experiences before signing up
- Historical complaints from 2019-2021 are now harder to find
- Less transparency about recurring issues like payment holds
- You can't learn from other users' problems
Why it matters: When a company removes public discussion spaces while keeping "free forever" marketing, it's a red flag for transparency.
The testimonials in this article come from:
- Current BBB complaints (2024-2025)
- Recent GetApp Canada and Capterra Canada reviews (2024)
- PissedConsumer reports (2025)
The Critical Problems with Wave
1. Payment Holds: Your Money, Frozen Without Warning
This is Wave's most serious documented problem.
What happens:
Wave can hold payments—$3,000, $10,000, even $15,000+—for days or weeks with minimal explanation. Your money sits frozen while your bills pile up.
Real experience from 2024 BBB complaint:
"Using wave as an invoicing platform. They have approved my ability to receive payments and have accepted customer payments but have put an indefinite hold on the funds. They've requested emails, text conversations with my clients, refund policy (we don't issue refunds) Contracts with customers (we don't have) and a bunch of other stuff that we don't use... I cannot reach anyone. Emails aren't returned and the chat bot isn't working."
— BBB Complaints (Search for: "indefinite hold on the funds")
Recent case from PissedConsumer (2025):
"Wave Financial is holding a total of $15,831.34 in completed customer payments, with no explanation and no way to access the money... The only message I see under Payouts is: 'We are having difficulty verifying a few things with your recent payout your payouts have been temporarily disabled. You will receive an email from our Risk Team shortly.' That message has been there for weeks and no one has contacted me."
— PissedConsumer Reviews (Search for: "$15,831.34 in completed customer payments")
Why this kills freelance businesses:
- Can't pay contractors or employees on time
- Bills go unpaid while your money is frozen
- Clients see "pending" charges for days
- No clear timeline for fund release
- Minimal support to resolve issues
→ See all payment hold complaints on BBB
2. Minimal Support When You Need It Most
When payment holds or issues occur, Wave's support leaves you stranded.
From GetApp Canada (November 2024):
"Your money can process for over 1 week, then disappear in no-man's land for another week with no option to instant transfer. If you need your payments soon after they're paid, like many freelancers, Wave will add complications. And when complications appear, you have no support. Their AI chatbot is useless, and they do not provide direct support lines for paying customers. Do you have an urgent question about your livelihood and business finances? Well they'll get back to you in 3 days or more!"
— GetApp Canada (Search for: "no-man's land for another week")
What "support" actually looks like:
- Email-only with 3+ day response times
- No phone support even for frozen funds
- AI chatbot that can't resolve real issues
- Live chat limited to 9am-5pm EST, often unavailable
Compare to traditional payment processors:
When Stripe or Square holds funds (rare), you can call support and speak to someone immediately. With Wave, you're stuck waiting days for email responses while your business grinds to a halt.
→ See all support complaints on GetApp→ See all support complaints on Capterra
3. Hidden Transaction Fees Add Up Fast
Wave makes money through Wave Payments. While software is free, payment processing isn't.
Wave's payment fees:
| Payment Method | Fee |
|---|---|
| Credit card (Visa/MC) | 2.9% + $0.30 per transaction |
| American Express | 3.4% + $0.30 per transaction |
| Bank transfert (ACH) | 1% (minimum $1) |
| Instant payout | Additional 1% fee |
Real cost example:
Freelance consultant billing $5,000/month:
- 90% clients pay by card = $4,500
- Processing fees: $4,500 × 2.9% = $130.50
- Transaction fees: 5 × $0.30 = $1.50
- Monthly cost: $132
- Annual cost: $1,584
Paymavo Pro alternative:
- Subscription: $144/year (annual plan)
- Same Stripe rates, but direct integration
- No payment holds
You save: $1,440/year while avoiding payment hold risks.
4. No Automated Canadian Tax Compliance
Wave requires manual tax setup for each province—a compliance nightmare for freelancers with multi-province clients.
The problem:
| Client Province | Tax Rate | What Happens if You Mess Up |
|---|---|---|
| Ontario | 13% HST | Under-charged? You owe CRA the difference out of pocket |
| British Columbia | 12% (GST + PST) | Over-charged? Client disputes invoice, damages relationship |
| Alberta | 5% GST | Wrong rate? CRA flags your account for audit |
| Quebec | 14.975% (GST + QST) | Missing QST? Invoice non-compliant, legal issues |
Risk: Under-charge a client? You owe CRA the difference. Over-charge? Client disputes invoice.
Paymavo's approach:
✅ Automatic province detection
✅ Pre-configured rates for all provinces
✅ Instant CRA-compliant invoices
✅ Zero manual setup
✅ Auto-updates when rates change
This is our killer feature—Wave doesn't offer it.
5. Upgrade Pressure to Wave Pro ($25/month)
Free plan is intentionally limited:
❌ No automated payment reminders
❌ No recurring invoices
❌ No custom branding
❌ No priority support
Wave Pro costs $25/month—66% more than Paymavo Pro ($15/month)—and you still get:
- Payment holds (documented above)
- Limited support
- Manual tax setup
- Same transaction fees
You're paying more for a platform with documented reliability issues.
Direct Comparison
| Feature | Wave Free | Wave Pro | Paymavo Pro |
|---|---|---|---|
| Monthly price | $0 | $25 CAD | $15 CAD |
| Annual price | $0 | $300 CAD | $144 CAD (20% discount) |
| Transaction fees | 2.9% + $0.30 | 2.9% + $0.30 | 2.9% + $0.30 (Stripe) |
| Payment holds | ⚠️ Documented | ⚠️ Documented | ✅ Never (direct Stripe) |
| Support time | ⚠️ 3+ days | ⚠️ 1-2 days | ✅ 24 hours |
| Auto taxes | ❌ Manual | ❌ Manual | ✅ Automatic |
| Public forum | ❌ Closed | ❌ Closed | ✅ Open support |
| Custom branding | ❌ | ✅ | ✅ |
| Payment reminders | ❌ | ✅ | ✅ (7 auto) |
| CRA reports | ⚠️ Basic | ⚠️ Basic | ✅ Complete |
Real Cost Analysis
Freelance Designer: $3,000/month revenue
Wave "Free":
- Software: $0
- Transaction fees: $1,047.60/year
- Risk: Payment holds, manual taxes, slow support
Paymavo Pro:
- Subscription: $144/year
- Guarantee: No holds, auto taxes, 24h support
Value: Pay $144/year for reliability and compliance.
Consultant: $8,000/month revenue
Wave Pro:
- Subscription: $300/year
- Transaction fees: $2,787.60/year
- Total: $3,087.60/year
- Still has payment hold risk
Paymavo Pro:
- Subscription: $144/year
- Transaction fees: Same Stripe rates
- Total: ~$2,931.60/year
You save $156/year with better service and no holds.
When Wave Might Work for You
To be fair, Wave isn't terrible for everyone. It can work if:
✅ You're just starting out and earning under $1,000/month
✅ You have 1-2 clients maximum
✅ You rarely need support
✅ You invoice infrequently (1-2 times per month)
✅ You're okay with manual tax setup
✅ You don't rely on fast payment processing
✅ You can afford payment delays without business impact
But if you're a serious freelancer:
- Billing $2,000+/month
- Multiple clients across provinces
- Need reliable, predictable payment processing
- Value responsive support
- Want automatic tax compliance
- Can't afford cash flow interruptions
Wave's "free" price tag isn't worth the documented risks.
Why Canadian Freelancers Choose Paymavo
1. Built for Canada
- CAD-first pricing
- Automatic GST/HST/QST for all provinces
- CRA-ready reporting
- Calgary-based support
2. Transparent & Predictable
- Flat $15/month ($144/year)
- No platform fees
- No payment holds, ever
- Open communication
3. Reliable & Fast
- Direct Stripe integration (2-5 business days)
- No intermediary freezing your funds
- 2-minute setup
4. Support You Can Count On
- 24-hour response time
- Real troubleshooting, not chatbots
- Built by a freelancer who gets it
Key Takeaways
✅ Wave's hidden costs:
- $1,500+/year in transaction fees
- Payment holds documented on BBB and review sites
- Manual tax setup = CRA risk
- 3+ day support response times
✅ Paymavo's value:
- $15/month transparent pricing
- No payment holds (direct Stripe)
- Automatic Canadian taxes
- 24-hour support
✅ The real cost of "free":
- Lost time with slow support
- CRA penalties from tax errors
- Business disruption from holds
- Stress from frozen funds
Choose transparency over "free."
Get Started with Reliable Invoicing
✅ Automatic GST/HST/QST for all provinces
✅ No payment holds—direct Stripe deposit
✅ CRA-compliant invoices
✅ 24-hour Canadian support
✅ $15/month flat—no hidden fees
Stop risking your cash flow.
No credit card required. 10 free invoices and 10 clients forever.
Last updated: October 31, 2025
Source:Testimonials from BBB, GetApp Canada, Capterra Canada, and PissedConsumer (2024-2025). Wave closed their community forum in 2024.
Frequently Asked Questions
Q: How do I migrate from Wave to Paymavo?
A: Use our built-in migration tool. Go to Dashboard → User menu → Import → Select "Wave" → Connect your account → Import. Takes 2-3 minutes. All clients, invoices, and expenses transfer automatically.
Q: Will my payments be held like on Wave?
A: No. Paymavo uses direct Stripe integration. Funds go straight to your Stripe account with standard 2-5 business day deposits. We never hold your money.
Q: What happens to my Wave data?
A: Your Wave data stays intact. You can keep both accounts active while testing Paymavo, or export everything and cancel Wave anytime.
Q: Do you charge the same transaction fees as Wave?
A: Stripe's standard 2.9% + $0.30 applies (same as Wave). But unlike Wave, we never add platform fees or hold payments.
Q: How long does it take to get paid?
A: Stripe deposits funds in 2-5 business days directly to your bank. No delays, no holds, no "verification periods."
Q: Can I try Paymavo before canceling Wave?
A: Yes! Start with our Free plan (10 invoices/month, no credit card required). Test it alongside Wave, then decide.
Q: What if I need support urgently?
A: Pro users get 24-hour email response time. Real humans, not chatbots. We're based in Calgary and actually respond.
