Wave introduces mobile payments as it approaches 2 million users

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Wave, the Toronto-based accounting startup poised to take over the world with its intuitive, free invoicing and payments software, is set to launch a mobile payments beta next month. Users can sign up for early access, which will initially be available through an iPhone app, on their website, with an Android app expected in the next few months.

CEO Kirk Simpson, who started the company in 2009 and launched customer-facing tools 16 months later, says that many small business owners will benefit from mobile payment tools, as they prevent extended lulls between invoicing and credit.

“Eighty-eight percent of Canadian business are small businesses with zero to nine employees. Problems they all share are getting paid on time, chasing customers for payments and tracking payments received. Mobile functionality creates the opportunity for Canadian entrepreneurs to be paid by credit card immediately after a job is done.”

“Eighty-eight percent of Canadian business are small businesses with zero to nine employees. Problems they all share are getting paid on time, chasing customers for payments and tracking payments received. Mobile functionality creates the opportunity for Canadian entrepreneurs to be paid by credit card immediately after a job is done,” Simpson explains. “Imagine then, how much time could be saved by using our fully integrated mobile payments app, which will instantly update your accounting after each transaction, from wherever you are.”

Mobile payments, like those from the web portal, are powered by Stripe, another under-the-radar startup that is headed for big things. An increasing number of small businesses, especially those who don’t operate from a single permanent location, are looking for inexpensive, simple ways to accept payments from customers. Square, a Stripe competitor that recently moved into Canada, has the most mindshare of the group, but Stripe looks to make it easier for developers to integrate payments into their apps.

Earlier this year, Wave launched a Receipts app for iOS and Android (though the latter is still in beta) that allows users to photograph and parse receipt data. It’s yet another step in a total ecosystem integration, allowing mobile users to fill in data absences that would not be easily added to the web interface. Wave’s integration with popular Canadian and US banks, along with easy-to-access invoicing and expense capabilities allows small to medium-sized businesses keep track of the money flow without spending anything on monthly fees. Compared to Freshbooks, another Toronto-based accounting startup, and Quickbooks, the industry’s slow-moving incumbent, Wave has managed to launch numerous products that complement their core services.

Wave is also approaching another milestone. With nearly two million users taking advantage of their services, the company is growing quickly, and mobile payments should help them step into comfortably into yet another pair of shoes.