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Accounting & Finance · head to head

Melio vs Wave

Melio logo

Melio

Accounting & Finance

Simple business payments

From
Free
Rated
-
Full reviewWebsite
Wave logo

Wave

Freelancers

Financial software for small businesses

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Melio go (free) plan limited to one user only; Wave automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • They diverge on capability: Melio covers Vendor payments, Wave covers Double-entry accounting.

Where they differ

Only the attributes on which Melio and Wave actually diverge.

Attributes where Melio and Wave differ
AttributeMelioWave
PlatformsWeb, Mobile appWeb, Ios, Android
CategoryAccounting & FinanceFreelancers
Founded20182010

Identical on both: starting price (Free), pricing model (freemium), free tier (Yes), user rating (Not yet rated).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Melio

  • Vendor payments
  • Card to check
  • Payment scheduling
  • Approval workflows
  • QuickBooks sync
  • QuickBooks
  • Xero
  • FreshBooks

Only in Wave

  • Double-entry accounting
  • Invoicing
  • Expense tracking
  • Financial reporting
  • Bank reconciliation
  • Receipt scanning
  • Multi-currency
  • Sales tax tracking

Both cover

  • Web support
  • Ios support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Melio

  • Accounts payable automationnot Wave
  • Bill management and payment schedulingnot Wave
  • Multi-vendor payment processingnot Wave
  • Invoice receivables and payment collectionnot Wave

Wave

  • Invoicing and bookkeeping for very small businesses and freelancersnot Melio
  • Accepting card payments against issued invoicesnot Melio

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Melio

  • Go (free) plan limited to one user only
  • ACH charges £0.50 per transaction beyond monthly allowance (5-50 free depending on plan)
  • Card payment fees range from 2.9% to 2.9% plus £75 maximum
  • International payments limited to select currencies only
  • NetSuite integration only available in Unlimited plan (£80/month minimum)

Wave

  • Automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • The free plan pays a $0.60 per transaction fee on card payments on top of 2.9%, which Pro waives only for the first 10 transactions a month
  • Beyond 10 transactions a month the Pro plan pays the same per transaction fee as the free one
  • Amex is charged at 3.4% rather than 2.9% on both plans

Pricing, plan by plan

Melio

Free

No published plan breakdown. See the Melio review.

Wave

Free
  • AccountingFree
    • Unlimited invoicing
    • Expense tracking
    • Financial reports
  • Payments$undefined/transaction
    • 2.9% + $0.60 per transaction
    • Credit card processing
    • Bank payments (1%)
  • Payroll$35/month
    • $35/month base + $6/employee
    • Tax calculations
    • Direct deposit

Which should you pick?

Choose Melio if

  • You need vendor payments.
  • You want to start without paying.
  • You work on Web, Mobile app.
  • You also want card to check.
Melio review

Choose Wave if

  • You need double-entry accounting.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want invoicing.
Wave review

Questions people ask

Is Melio or Wave better?
Neither clearly leads. Melio starts at Free and Wave at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Melio or Wave?
Melio starts at Free and Wave at Free.
Does Melio or Wave run on more platforms?
Melio runs on Web, Mobile app. Wave runs on Web, Ios, Android.
Can I use Melio for free?
Both have a free tier, so you can try either at no cost before committing.
What is Melio best used for?
Melio is most often used for accounts payable automation, bill management and payment scheduling, multi-vendor payment processing, invoice receivables and payment collection. Of those, accounts payable automation and bill management and payment scheduling are not what Wave is typically brought in for.
What can Melio do that Wave cannot?
Melio covers Vendor payments, Card to check, Payment scheduling, Approval workflows. Wave covers Double-entry accounting, Invoicing, Expense tracking, Financial reporting. Both handle Web support, Ios support, Android support.
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