To our valued customers,
By now you’ve likely heard the Federal Deposit Insurance Corporation (FDIC) announced on Friday that Silicon Valley Bank (SVB) is in receivership. Of course this impacts those who were banking with SVB, but as this news is unsettling for the entire entrepreneurial community we wanted to provide reassurance.
Following the news, we immediately reached out to Wave customers who were banking with SVB to offer support and let them know that their online payments and payroll needs would not be affected in any way.
Rest assured Wave does not have exposure to SVB and was not impacted by Friday’s events. Our bank partners are stable and in a strong position to continue to support the industry and Wave, allowing us to continue to serve you as we always have:
- Online payments and payroll processing are continuing seamlessly without interruption or delay
- We continue to further support your cash flow with the option of instant payouts
- Our Wave Money banking customers can continue accessing funds
Meanwhile, here are some suggestions to help you and your employees feel more confident:
- Any of your customers who bank with SVB will still be able to pay you through Wave.
- Enabling online payments on your Wave invoices gives your customers an easy option that can speed up the payment process and help you get paid faster, improving your cash flow. Additionally, customers who choose to pay by credit card can hold onto their cash for an extra month before their bill comes due, which is beneficial for their cash flow as well.
- You can set up automated reminders to help remind them of payments owing.
- If you use Wave’s payroll feature, reassure your employees there is no risk to their paychecks.
- If you’re looking for a reliable payroll option, we can automate your payroll so you can focus on your business.
We are always monitoring the markets, taking steps to mitigate any risk so we can continue to deliver to you, our valued customer. Should you have any questions, please contact the Wave Support team by logging into your Wave Account and clicking on the Live Chat button at the bottom right of your screen.
As always, we are here to support you and the small business community. We thank you for your business and your trust.
Sincerely,
Zahir Khoja
CEO
