Square Invoices vs. Wave
Square Invoices vs. Wave: which is right for you?
Two popular apps, compared on what their own pages say. Checked November 2, 2026.
Both have free plans with no document limit and make their money on payments. Square's free plan charges 3.3% + 30¢ on online invoice payments, or 2.9% + 30¢ on its paid Plus ($49 a month) and Premium ($149 a month) plans. Wave's free Starter plan charges 2.9% + 60¢ per card payment (3.4% + 60¢ for Amex) and 1% for bank payments, and adds free basic accounting. Square fits businesses already using Square hardware; Wave fits owners who want bookkeeping with their invoices.
Side by side
| Square Invoices | Wave | Settle | |
|---|---|---|---|
| Price for unlimited documents | Free plan; Square Plus is $49 a month and Premium $149 a month per location, adding payment schedules, custom templates, lower fees and 24/7 phone support | Starter, $0: "unlimited estimates, invoices, bills". Pro is $19 a month or $190 a year | Free: $0, no document limit |
| Limits on lower plans | No document limit listed | No document limit listed | None on any plan. AI drafts: 3 free, then Pro |
| Free plan | Yes | Yes. Starter includes unlimited estimates, invoices and bills and basic accounting. Online payments are pay-per-use; bank imports, receipt scanning and automatic late-payment reminders are Pro | Yes |
| Card payment fee | Online invoice payments: 3.3% + 30¢ on Free, 2.9% + 30¢ on Plus and Premium; in person 2.6% + 15¢ on Free | 2.9% + 60¢ per Visa, Mastercard or Discover transaction and 3.4% + 60¢ for Amex on Starter. Pro drops the 60¢ on the first ten transactions each month. Bank payments 1%, $1 minimum. Wave does not permit surcharging | Stripe's standard 2.9% + 30¢ paid to Stripe; Settle adds nothing |
| Payouts | Online payments must go through Square's own payment processing | Wave processes the payments itself; its US terms say it "acts solely as a third party payment facilitator and processor" and may delay, cancel or reverse a payment it suspects is invalid. Its help center lists US payouts at 2 business days for cards and 2 to 7 for bank payments, which "cannot be expedited", and says online payments can be paused while account details are reviewed | Paid straight to your own Stripe account. Stripe sets payout timing and runs its own risk checks; Settle never holds the money |
| Scheduling and dispatch | Not listed on the invoices page | Not listed. "Schedule" on Wave's pages refers to recurring invoices and reminders, not jobs | No |
| Platforms | iPhone, Android, web | Web, iPhone, Android. US and Canada only | iPhone only |
| Cancelling | Square's community pages describe exporting invoices and estimates to CSV from the Square Dashboard. Export before you close anything. | Cancel Pro under Business settings, Manage Subscriptions; the Starter plan stays free. Data Export emails XLS or CSV files, but invoices can't be exported in bulk. | Subscription billed by Apple; cancel in your iPhone settings in two taps |
From each company's public pages and help centers, checked November 2, 2026. Confirm on their pages before you buy.
Choose Square Invoices if
- You already take card payments in person with Square and want invoices in the same system.
- You'd pay for Plus to get the lower 2.9% + 30¢ online rate, payment schedules and custom templates.
Choose Wave if
- You want free bookkeeping, bills and accounting reports alongside invoices.
- Your customers pay by bank transfer, which Wave lists at 1% with a $1 minimum.
- You're in Canada as well as the US.
A third option if you work alone
Settle is made for one person with an iPhone who mostly sends estimates and invoices. It's free with no document cap, you describe the job out loud and it writes the estimate with your own prices, and payments go to your own Stripe account. It has no scheduling, dispatch or crew logins. See Settle vs. Square Invoices and Settle vs. Wave.
Questions
Which is cheaper, Square Invoices or Wave?
Square Invoices: Free plan; Square Plus is $49 a month and Premium $149 a month per location, adding payment schedules, custom templates, lower fees and 24/7 phone support. Wave: Starter, $0: "unlimited estimates, invoices, bills". Pro is $19 a month or $190 a year. The plans include different things, so compare features as well as price. Prices checked November 2, 2026.
Is Square Invoices or Wave better for a solo contractor?
On a $1,500 card payment on the free plans, Square's 3.3% + 30¢ is $49.80 and Wave's 2.9% + 60¢ is $44.10. Both process the payment themselves. Settle sends payments to your own Stripe account at Stripe's 2.9% + 30¢ ($43.80).
Is there an alternative to both Square Invoices and Wave?
Yes. Settle is a free iPhone app for solo contractors with no cap on estimates or invoices, and payments go to your own Stripe account. It has no scheduling, no crew logins and no Android or web app, so it only fits if you work alone on an iPhone.
Sources
Working alone? Try Settle.
Free on iPhone. Unlimited estimates and invoices. 7 days of Pro to try the voice drafts, and you cancel in two taps.
Download on the App StoreiPhone, iOS 17 or later. Questions? Text Nina: (818) 945-9686