LockMargin vs Wave
Wave is "free" invoicing — until you accept payments. LockMargin is $59 once. No transaction fees. No hidden costs.
Wave is a popular free invoicing tool — and it genuinely offers solid features at $0/month. But "free" has a catch: Wave charges 2.9% + $0.30 per transaction when you accept credit card payments, plus 1% per bank payment. Over time, those fees add up to far more than a one-time license.
LockMargin is $59 once. You bring your own payment processor (Stripe, PayPal, etc.) with the rates you negotiate. No transaction markups. No hidden percentages. And your data is 100% offline and encrypted.
The Real Cost Over 3 Years
If you invoice $10,000 per year and clients pay by credit card through Wave:
| Wave | LockMargin | |
|---|---|---|
| Invoicing fee | $0 | $0 |
| Payment fees (est. $10K/yr) | $320/yr (2.9% + $0.30) | $0 (your processor) |
| Year 1 total | $320 | $59 (one-time) |
| Year 2 total | $320 | $0 |
| Year 3 total | $320 | $0 |
| Total over 3 years | $960 | $59 |
| You save | $901 with LockMargin | |
Based on $10,000 annual invoiced amount via Wave Payments (2.9% + $0.30 per transaction). Your actual fees depend on volume and average transaction size. LockMargin does not process payments — you use your existing Stripe, PayPal, or other processor.
Feature-by-Feature Comparison
| Feature | Wave | LockMargin |
|---|---|---|
| Invoicing | ✅ | ✅ |
| Expense Tracking | ✅ | ✅ |
| Recurring Invoices | ✅ | ✅ (reactive engine) |
| Client Management | ✅ | ✅ |
| PDF Export | ✅ | ✅ |
| Time Tracking | ❌ | ✅ |
| Works Offline | ❌ | ✅ 100% |
| AES-256-GCM Encryption | ❌ | ✅ Client-side |
| One-Time Payment | "Free" + fees | ✅ $59 forever |
| Transaction Fees | 2.9% + $0.30 | None (your processor) |
| Ads for Paid Services | ✅ | None |
| Account Required | Yes | No |
| Data Location | Wave servers | Your machine |
| Risk of Account Closure | Known ToS suspensions | None (no server) |
Who Should Choose Wave?
- You invoice less than $3,000/year (fees are minimal)
- You want Wave's built-in payment processing (convenience over cost)
- You don't need time tracking or offline access
- You're comfortable with ads upsells to paid Wave products
Who Should Choose LockMargin?
- You invoice more than $2,000/year (fees eclipse LockMargin's cost)
- You already have a payment processor you like
- You need time tracking — Wave doesn't offer it
- You want data ownership — your invoices never touch a server
- You don't want ads or upsells cluttering your workflow
- You don't want to risk losing access to your data due to ToS enforcement
Frequently Asked Questions
Is Wave actually free?
Wave's invoicing software is free to use. But if you accept credit card payments through Wave Payments, you pay 2.9% + $0.30 per transaction. Bank payments cost 1%. For a freelancer invoicing $10,000/year, that's $320 in fees. Over 3 years, $960. Meanwhile, LockMargin is $59 once and you keep 100% of what you invoice.
Does LockMargin include payment processing?
No. LockMargin is an invoicing and tracking tool. You connect your own payment processor (Stripe, PayPal, Square, etc.) and embed payment links in your invoices. This means you pay the standard merchant rates, not a markup. LockMargin never touches your payments.
Why doesn't Wave have time tracking?
Wave focuses on accounting. Time tracking is available through paid third-party integrations. LockMargin includes time tracking as a core feature — track hours per project, convert time entries directly into invoice line items.
Can Wave close my account?
Yes. Wave has a history of suspending accounts for ToS violations, sometimes without warning. Since your data lives on their servers, you can lose access immediately. With LockMargin, your data is on your machine. No one can lock you out of your own files.
Ready to try LockMargin?
Download free. No account required. No credit card. See if it works for you — and if not, we offer a 30-day money-back guarantee on paid licenses.