In another move to serve its small business customers, Toronto-based company Wave Accounting Inc. has released a new mobile app for Apple iOS, giving small businesses the ability to accept credit cards or issue receipts to their customers.

Wave announced it was releasing an app called Payments by Wave for iOS last week, integrating it with Wave’s accounting system. That means when a small business processes a payment, its accounting is immediately updated. That allows the business to give a customer a receipt right away, rather than try to follow up later, which can be inefficient.

Wave originally announced it had built the app back at the end of August, when it called for small businesses to begin testing the app in beta. The app is now available to all of its customers.

“It’s time to give small business owners the same opportunities the big guys are getting,” said Kirk Simpson, Wave’s CEO, in a statement.

“The technology is here. The work we do at Wave is about leveraging that technology to remove roadblocks at the right price, and then getting out of a business’s way so they can hit the ground running.”

And as any road warrior can attest, that can be both more convenient and a timesaver. Instead of having to troop back to the car or office to record a sale, email a receipt to the customer, and then pass along all of the required information to an account, Wave is touting its new app as a way for small businesses to simplify the process.

What’s also handy is the ability to accept credit card payments. For small businesses who do accept them, employees often have to carry hardware and do manual transactions, taking down their customers’ credit card numbers by hand.

The new app will allow small business owners to accept all major credit cards, including Visa, MasterCard and American Express. Fees are set at 30 cents, plus 2.9 per cent, per transaction.

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  • Glebeman

    The introduction of a credit card app is welcomed BUT the processing rate is MUCH too high. I will have to continue to use the dial in process that I currently use. Looking forward to the day that Australian rates are adopted in Canada.