Small vs Wave
Wave is accounting software that also sends invoices. Small only sends invoices and gets them paid, so there’s no accounting suite to learn. If invoicing is all you use Wave for, here’s what each one costs and what you’d give up. Every Wave figure links to where we found it and says when we checked.
What a $2,000 invoice costs to collect
The same invoice, every way it can be paid. On Small that’s Stripe’s fee plus ours. On Wave it’s Wave’s rate.
- Bank transfer, on Solo
- $16.50
- Stripe $5.00 + verification $1.50 + Small $10.00
- Bank transfer, on Pro
- $6.50
- Stripe $5.00 + verification $1.50 + Small $0.00
- Card, on Solo
- $68.30
- Stripe $58.30 + Small $10.00
- Card, on Pro
- $58.30
- Stripe $58.30 + Small $0.00
Stripe’s standard US rates: 0.8%, capped at $5 by bank, 2.9% + 30¢ by card. A bank payment also costs $1.50 when your client verifies their account instantly, which most do, and $4 if it fails or $15 if it’s disputed. Bank transfer works for US-dollar invoices on a US Stripe account.
- Bank transfer, on either plan
- $20.00
- Wave 1%, $1 minimum
- Card, on Starter
- $58.60
- Wave 2.9% + 60¢
- Card, on Pro, first 10 a month
- $58.00
- Wave 2.9% + $0
Worked out from Wave’s published rates for Visa, Mastercard and Discover. Amex costs more on Wave: 3.4% + 60¢ on Starter. After the first 10 card payments a month, Pro pays Starter’s rate. Wave publishes a $1 minimum on bank payments and no maximum. Wave's payments page, checked 2026-10-23 (estimate: Wave publishes the rates, not these totals).
By bank, Small costs less on both plans. Stripe charges 0.8%, capped at $5, and Wave’s 1% has no cap that it publishes. On smaller invoices that turns round: Wave is cheaper by bank below about $1,300 on Solo, and below about $650 on Pro.
By card, Wave costs less. On Solo our 0.5% comes on top of Stripe’s rate, so this invoice costs $68.30 against $58.60 on Wave’s free plan. On Pro we take nothing and Stripe’s $58.30 is all you pay, still $0.30 more than Wave’s Pro rate for its first 10 card payments a month.
What each plan costs
Both have a free plan and one paid plan. Small’s Pro is priced per person, and Wave’s per business.
Free plan
Small
Solo, $0. We take 0.5% of an invoice when it's paid, capped at $10, plus Stripe's fee.
Wave
Starter, $0. Wave's share is in its card and bank rates above.
Wave's pricing page, checked 2026-10-23.
Paid plan, billed annually
Small
$84.00/seat/yr (Pro, $7.00/seat/mo)
Paid plan, billed monthly
Small
$9.00/seat/mo
Wave
$19.00/mo
Per business, however many people use it. From three people up, Wave's Pro costs less than Small's.
Wave's pricing page, checked 2026-10-23.
Automatic payment reminders
Small
On every plan, Solo included.
What Wave does that Small doesn’t
Only on Wave
- Bookkeeping, with bank transactions imported and sorted on Pro
- Estimates and bills
- Payroll, as a paid add-on
- Receipt capture, as a paid add-on
- A bookkeeper you can hire through Wave
Wave's pricing page, checked 2026-10-23.
What Small does
- Invoices sent as a link your client pays from, with no account to make
- Card or bank transfer, through your own Stripe account
- Five reminders, from three days before the due date to 30 days after
- Invoices that mark themselves paid
- Your invoices and payments as CSV, for whoever does your taxes
If you use Wave’s books or payroll, stay on Wave. Small doesn’t do them and isn’t trying to. If you only open Wave to send an invoice, Small is that part, with nothing around it to learn.
Try it on your next invoice. No account needed.
The generator makes the same invoice Small sends. Want Small to send it and chase it? Solo is free.