Wave is free but earns revenue from payment processing fees. InvoiceAI has a free plan and Premium at $29/mo with no transaction fees, AI contracts, and a lead-capture business card.
Free plan forever · No card needed
3.4% + $0.60 per transaction
| Feature | InvoiceAI Free / $29/mo | Wave Free (payments charged separately) |
|---|---|---|
| Monthly Fee | Free / $29/mo | $0 (pay-per-transaction) |
| Credit Card Transaction Fee | None (via Stripe/UPI) | 3.4% + $0.60 per txn |
| Free Trial | Free plan forever | Free forever (limited) |
| AI Contract Generator | ||
| Digital Business Card | ||
| Lead Analytics | ||
| GST / India Support | ||
| E-Signatures | ||
| Client Portal | ||
| Expense Tracking | ||
| Double-Entry Accounting | ||
| Bank Reconciliation |
Wave is a free accounting and invoicing platform for small businesses. It earns revenue through payment processing fees (3.4% + $0.60 per credit card transaction). It lacks AI features, digital business cards, and GST compliance for India.
Wave charges 3.4% + $0.60 per credit card payment — on a $500 invoice that's $17.60 lost per transaction
No AI-powered contract generator — manual drafting or expensive lawyer fees
No GST compliance for Indian freelancers — calculations and GSTR-1 filing are fully manual
Wave works best for very small North American businesses with minimal payment volume who want a free tool for basic bookkeeping and simple invoicing.
“Wave looked free until I calculated the transaction fees. I was paying more than $9/month to Wave in hidden fees. InvoiceAI saves me money and has AI contracts.”
— Freelance Designer, Mumbai
Free plan forever. All features. No credit card required.
Start Free — No Card Needed