The Lowest Online Payment Processing Rates for Small Businesses: Sphere vs QuickBooks vs Wave

Every payment you process as a small business owner comes with a cost. When you're accepting credit cards or ACH bank transfers for invoices, those transaction fees add up fast.

Most businesses don't realize how much they're actually paying in payment processing fees—if you're using QuickBooks or Wave to accept payments, you could be leaving thousands of dollars on the table every year. Learn why Sphere is the best quality and most reliable solution at saving you money.

Payment Processing Rates: Side-by-Side Comparison

Credit Card Payment Rates:

• Sphere: 2.9% + $0.30 per transaction

• QuickBooks: 2.99% per transaction

• Wave: 2.9% + $0.60 per transaction (3.4% + $0.60 for Amex)

ACH/Bank Transfer Rates:

• Sphere: 0.8% (maximum $5 cap)

• QuickBooks: 1% (no maximum cap)

• Wave: 1% (no maximum cap)

The difference is dramatic for ACH payments. While credit card rates are competitive across all platforms (minus the 3.4% for Wave's Amex), ACH is where Sphere saves you serious money. QuickBooks and Wave charge an uncapped 1%, while Sphere charges just 0.8% with a $5 maximum—meaning you'll never pay more than $5 on any ACH payment over $625, no matter how large the invoice.

Real-World Savings: Sphere vs QuickBooks & Wave

Example 1: $1,000 ACH Payment

- QuickBooks/Wave: $10 fee (1%)

- Sphere: $5 fee (0.8%, capped at $5)

- You save: $5 per transaction

Example 2: $5,000 ACH Payment

- QuickBooks/Wave: $50 fee (1%)

- Sphere: $5 fee (0.8%, but capped at $5)

- You save: $45 per transaction

Example 3: $10,000 ACH Payment

- QuickBooks/Wave: $100 fee (1%)

- Sphere: $5 fee (0.8%, but capped at $5)

- You save: $95 per transaction

If you process just a few large ACH payments per year, those savings compound quickly. A small business processing $50,000 in ACH payments annually saves $450/year by switching from QuickBooks or Wave to Sphere.

Want your exact numbers instead of these examples? Use our payment fee calculator to plug in your own invoice volume and see your real annual savings.

Ready to Save Money on Payment Processing?

If you're currently using QuickBooks or Wave for payment processing, switching to Sphere will save you hundreds or even thousands per year depending on your transaction volume. All payment processing is powered by Stripe, so you get enterprise-grade security, reliability, and quality you can trust.

Read here for more info: See the full comparison

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