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Email this12:40 am
April 16, 2020
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TL;DR : Does anyone have any experience and/or comments about making a payment by PAD bank transfer using the Wave platform option of "Make a bank payment (EFT)" ?
(I am excluding the option of using Plaid within Wave.)
A bit more background detail :
I am getting some reno work done on my house. Project total is ~$25K which would obviously require several Interac eTransfers to cover. The reno company is asking me to pay by bank transfer using the Wave platform which I haven't come across previously. Does anyone have any experience and/or thoughts about using this platform ?
Specifically :
(1) the default option is to use the Plaid system to link my bank account into the Wave platform, if my understanding is correct. There are at least two other threads on this forum about (not) using Plaid so just mentioning here for completeness - I'm not going with this option.
(2) after opting out of Plaid, the second option involves giving Wave the Transit / Institution / Account numbers and full Account Holder name&address info for my bank account, apparently so that they can create a Pre-Authorised Debit (PAD) for the payment amount. This option does not (AFAIK) involve handing over banking login details so a bit better than (1) but I was still leery, because it seemed to involve giving them the ability to make arbitrary PAD withdrawals.
However, I found the following on payments.ca :
The definition of “one-time PADs” was created to provide consistency to payors. With new Rule H1 amendments, one-time PAD agreements now automatically terminate once the payment has been completed, and any subsequent PAD transaction(s) require a new agreement.
This would seem to allay my concerns(*) if I could be confident that the PAD I create within Wave is in fact a "one-time" PAD, but I have not yet completed the process so don't know whether this confidence is warranted.
(*) i.e. the concerns I am aware of at present, but obviously I don't know if there other concerns I'm not aware of !
(3) more generally, I'm trying to understand what is the difference between Wave and (e.g.) Paypal from the customer point-of-view.
For the business/payee, Wave offers CRM/admin, invoicing/bookkeeping/accounting and payroll functions in addition to "accounts receivable" payments processing.
For the customer/payor, they must be more than "just another payments processor" because they can work directly with bank accounts & PADs, not just with debit/credit cards ?
Thanks in advance for any insights !
8:22 am
December 18, 2024
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Are you planning a 50% withhold that will be paid upon a satisfactory and a reasonable on time completion?
12:16 pm
April 16, 2020
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Yes, sorry, I should have been clearer. This isn't about paying the whole $25K amount in one shot. It's just the first progress payment, but that is still a significant chunk of the total which would require more than one Interac eTransfer. Anyway, my query is about the payment mechanism using Wave itself, not the payment breakdown/schedule.
2:00 pm
December 18, 2024
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I would do some googling on Wave and why a contractor would want a customer to use it.
Personally, I would be suspicious of anything that was unfamiliar to me. You want a paper trail so cash and a bank draft is out. And Interac isn’t that safe either.
2:13 pm
April 21, 2022
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GIC-Fanatic said
I would do some googling on Wave and why a contractor would want a customer to use it.
Seems to be popular with small business owners, mostly for payroll.
2:14 pm
November 6, 2018
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@pcs
Most banks’ etransfer limits are $3K per day and $10K per 7 days. Therefore, within a 4-day period you could pay the contractor $10K. Would that not cover the deposit/progress amount?
2:45 pm
November 18, 2017
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"One-time PAD" is a poor choice of terminology. It is widely understood to mean a cryptographic method in which the code book is used only once and then retired.
RetirEd
11:07 pm
April 16, 2020
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Thanks for the comments folks.
Re #4 and #5 : the original post contains the summary of my understanding of Wave arising from both general Googling and from reading various Wave TermsOfUse pages. Further reading indicates that Wave provides their software platform to small businesses for free ( not "free-mium", and with no advertising ), and makes revenue from per-transaction charges.
Re #7 : yes, cryptography was my first thought-association for the "one-time PAD" terminology as well.
Re #6 : I had to do some other house reno work about three years ago, which involved more than a dozen Interac eTransfers in all. I guess small-business contractors are always looking for "easier" ways to get paid. In this current case, the contractor has now responded to me quite readily to say that they are OK with taking a cheque if I'm not comfortable with Wave/Plaid. However they say they have been using Wave, and Plaid, for ~ 5 years now and people are generally happy to use these system. The cynic in me thinks "well they would say that, wouldn't they" but so far I have no reason to doubt their word.
My main aim in raising this thread was to see whether I was in the minority in not having come across Wave, such that lots of folks were aware of and comfortable with using the Wave platform itself, or other similar platforms, and especially the so-called "one-time PAD" payment mechanism. So far I'm getting the impression that is not the case, at least in this forum's ( relatively well-informed ? ) participants : i.e. that I'm not that far behind the curve.
12:27 am
April 6, 2013
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Never heard of Wave Financial until now. Wave Financial is not a regulated bank, trust company, or credit union. Don't see why I would go through them to pay a contractor when I can give the contractor a cheque directly.
8:16 am
April 6, 2013
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It is also odd that one would have to get involved with the contractor's financial services provider to set up the pre-authorized debit.
Usually, one provides the void cheque info to the biller and the biller is the one who shares the info with a bank or provider. Consequently, it is the biller's problem if the provider takes off with the money from the pre-authorized debits.
8:34 am
May 15, 2007
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I cannot speak to the use of "one-time PAD" but I have used Wave for payroll and accounting for over 15 years. It has handled payroll direct deposit for all employees and we've received credit card payments from some clients through Wave. I have had a 100% positive and reliable experience with Wave from the beginning through the present day, and I always recommend it to people as my top suggestion for payroll, and a good option for accounting. (I have found QuickBooks to be more intuitive on the accounting side.)
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