WAVE ALTERNATIVE
LockMargin vs Wave: Free Is Not Free When You Pay 2.9% Per Transaction
Wave is "free" invoicing — until you accept payments. Then they charge 2.9% + $0.30 per transaction. For $10K/year invoicing, that is $320/year in hidden fees. LockMargin is $49 once. Zero fees. Local-first by default — the best offline invoicing solution.
Ready to switch? Check our step-by-step migration guide.
The Rental Reality — "Wave rents you access. You pay every month, your data lives on their servers, and the price can change whenever they decide. Stop paying — and you lose access to your own business history. That is the rental model."
The Ownership Alternative — "LockMargin is once. Your data lives on your machine, encrypted with AES-256-GCM, derived with Argon2id, stored in SQLite you can read with any tool. No account, no telemetry, no subscription. Export to JSON, CSV, PDF whenever you want — today or in ten years."
The Landlord Test
- Can you open your files without their software, their servers, or their permission?
- If you stopped paying tomorrow, how much of your business could you still run?
- Do you know exactly where your data is right now, physically?
- Can they change the terms — or the price — after you've built your business on it?
- If they shut down on Friday, what do you have on Monday?
With Wave, the answers are theirs. With LockMargin, they are yours.
Migration path
"Moving off Wave is honest work: export your clients and invoices (CSV or PDF), import what matters, run both for a month. Expect an afternoon of CSV cleanup, not a magic button."
Ready to switch? Check our step-by-step migration guide.
Stop Renting Invoicing Software
Join freelancers who are switching from Wave to LockMargin. Invoicing + time tracking + expenses in one app for once.
Ready to switch? Check our step-by-step migration guide.
LockMargin vs Wave: The Real Difference
- "Free" invoicing + 2.9% per transaction
- 1% per bank payment fee
- Cloud-only — requires internet
- Your data on their servers
- Account suspension risk (known ToS issues)
- Ads and upsells for paid Wave products
- $49 one-time — own forever
- $0 transaction fees (your processor)
- Local-first by default — works anywhere
- Your data on your machine
- Zero suspension risk
- No ads, no upsells, no account required
Ready to switch? Check our step-by-step migration guide.
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 | $49 (one-time) |
| Year 2 total | $320 | $0 |
| Year 3 total | $320 | $0 |
| Total over 3 years | $960 | $49 |
| LockMargin cost | Wave is free + 2.9% fees. LockMargin is $49 once. | |
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.
Ready to switch? Check our step-by-step migration guide.
Feature-by-Feature Comparison
| Feature | Wave | LockMargin |
|---|---|---|
| Invoicing | ||
| Expense Tracking | ||
| Recurring Invoices | (reactive engine) | |
| Client Management | ||
| PDF Export | ||
| Time Tracking | ||
| Works Local-first by default | Cloud-only | Full offline |
| AES-256-GCM Encryption | Server-side only | Client-side |
| One-Time Payment | "Free" + fees | $49 forever |
| Transaction Fees | 2.9% + $0.30 | $0 (your processor) |
| Ads for Paid Services | Shown | None |
| Account Required | Yes | No |
| Data Location | Wave servers | Your machine |
| Risk of Account Closure | Known ToS suspensions | None |
Ready to switch? Check our step-by-step migration guide.
The Hidden Fees Add Up Fast
Wave advertises "free invoicing" — but the fees are hidden in plain sight. Every time a client pays by credit card, Wave takes 2.9% + $0.30. Every bank payment costs 1%. I had a client who paid a $5,000 invoice via credit card through Wave — I lost $175 in fees. LockMargin charges nothing. You keep 100%.
Credit Card Fees
2.9% + $0.30 per transaction. On a $5,000 invoice, that's $175 in fees. Over a year of $10K invoicing, you lose $320 to fees alone.
Bank Payment Fees
1% per bank payment. If half your clients pay by bank transfer, that's another $50/year in fees. LockMargin charges $0 for any payment method.
Ads & Upsells
Wave shows ads for Wave Advisors, Wave Payroll, and Wave Money. These are distractions that clutter your workflow. LockMargin has zero ads — your invoicing stays clean and focused.
Ready to switch? Check our step-by-step migration guide.
The Account Risk No One Talks About
Wave: Cloud Dependency
- Terms of Service violations can result in immediate suspension — Wave has a known history of this
- Data is hosted on Wave's servers — you cannot access it offline
- If Wave changes pricing or terms, you have no choice but to accept
- Export required before cancellation — if suspended, you may not get the chance
- Wave charges for data recovery if you miss an export before closure
LockMargin: Data Ownership
- No ToS can suspend your access — the file is on your machine
- Local-first by default — generate invoices from anywhere, no internet needed
- No pricing changes — you already paid $49, that's it forever
- No export needed — your data is already in a standard SQLite file you control
- Argon2id + AES-256-GCM means only you can read your data
Ready to switch? Check our step-by-step migration guide.
When Each Tool Makes Sense
Choose Wave If You...
- Invoice less than $3,000/year (fees are minimal)
- Want built-in payment processing (convenience over cost)
- Don't need time tracking or offline access
- Are comfortable with ads and upsells to paid Wave products
Choose LockMargin If You...
- Invoice more than $2,000/year (fees eclipse LockMargin's cost)
- Already have a payment processor (Stripe, PayPal, etc.)
- Need time tracking — Wave doesn't offer it at all
- Want offline invoicing and data ownership — your invoices never touch a server
- Don't want ads or upsells cluttering your workflow
- Don't want to risk losing access to your data due to ToS enforcement
Ready to switch? Check our step-by-step migration guide.
Switching from Wave? It Takes 5 Minutes
Your clients and invoices — all transferred. No data left behind.
Export from Wave
Go to Settings → Export Data and download your clients and invoices as CSV files.
Download LockMargin
No account, no email, no verification. Your data stays local from the first second.
Import Your Data
In LockMargin: Settings → Import → CSV. Map the fields and import. Done.
Ready to switch? Check our step-by-step migration guide.
Honest note - No invented testimonials. I would rather show nothing than fake quotes. Real stories arrive with Early Access (September 2026). How We Calculate the Real Cost
Our TCO calculator uses the following methodology:
- Wave subscription: Free (invoicing only).
- Transaction fees: (Annual billing volume Г— % paid by card Г— 2.9%) + ($0.30 Г— estimated invoice count). Invoice count estimated as annual billing Г· average invoice size ($2,500). Bank payments: 1% of volume.
- LockMargin: $49 one-time license. $0 subscription. $0 transaction fees. Free minor updates forever.
- Not included: The value of your time spent managing account risks and export procedures.
Disclaimer: Wave fees accurate as of July 2026. Always verify current pricing on waveapps.com. LockMargin pricing: $49 Standard license, free tier available.
Ready to switch? Check our step-by-step migration guide.
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 $49 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.
Can I import my Wave data into LockMargin?
Yes. Export your clients and invoices from Wave as CSV files (Settings → Export Data). In LockMargin, go to Settings → Import → CSV. Map the fields and import. The entire migration takes about 5 minutes.
Is LockMargin really Local-first by default?
Yes. LockMargin is a desktop application that runs entirely on your computer. Your data is stored locally in an encrypted SQLite database. No cloud servers, no internet required for invoicing, no data leaves your machine unless you explicitly export a PDF or backup file.
Is LockMargin really secure?
LockMargin uses Argon2id for key derivation and AES-256-GCM for data encryption. Your database is encrypted at rest and never leaves your machine. No cloud servers, no third-party access. You hold the keys.
Does LockMargin offer a free Start plan?
Yes. The Start Free tier gives you 5 clients, 5 projects/month, and 5 invoices per month — completely free. If you need more, upgrade to Standard for $49 one-time.
Ready to switch? Check our step-by-step migration guide.
Stop Paying 2.9% on Every Invoice
Ready to switch? Check our step-by-step migration guide.