FreshBooks vs Wave vs Chompis: Which Is Better for Contractors?

If you're a contractor or freelancer looking for invoicing software, you've probably landed on FreshBooks or Wave at some point. They're the two names that come up in every "best invoicing software" list. Chompis is newer and more focused. Here's an honest look at all three — what they're actually good at, what they cost, and who each one makes sense for.

The Short Version

• Wave is free and fine for basic invoicing. The catch is the payment processing fees and the lack of automation.
• FreshBooks is a full accounting platform. It's good software, but it's more than most contractors need and costs more than it should.
• Chompis is built specifically for getting invoices paid — automated follow-ups, Stripe payments with no platform fee, and nothing you don't need.

If you want the full breakdown, keep reading.

Wave: Free but Not Actually Free

Wave markets itself as free invoicing software, and the invoicing itself is genuinely free. You can create invoices, send them, and track who's paid. No monthly fee.

Where Wave makes its money is on payment processing. If you want clients to pay by card through Wave, you pay 2.9% + $0.60 per transaction. That's higher than Stripe's standard rate (2.9% + $0.30) and noticeably higher than processing through a platform that uses Stripe directly.

At $5,000 a month in card payments:

• Wave processing cost: ~$175/mo
• Stripe direct: ~$145/mo
• Difference: $30/mo / $360/yr — for the exact same money movement

On top of that, Wave has no automated reminder system. When a client doesn't pay, you follow up manually. There's no scheduled sequence, no automatic stop when they pay, no escalation alerts. Just you sending emails and hoping.

For a contractor doing low volume with clients who always pay on time, Wave is fine. For anyone dealing with late payments regularly, it's a time sink.

Wave is best for: Freelancers doing very low volume who want zero monthly cost and don't need any automation.

FreshBooks: Good Software, Wrong Audience

FreshBooks is genuinely well-built software. The interface is clean, the accounting features are solid, and it's been around long enough to have worked out most of the bugs.

The problem for contractors is that FreshBooks is built for accountants and bookkeepers as much as it is for the people doing the work. You get double-entry accounting, profit and loss reports, expense tracking, payroll integrations, and a bunch of other features that most electricians, plumbers, and HVAC techs will never touch.

You pay for all of it whether you use it or not.

FreshBooks pricing (2026):

• Lite: $19/mo — limited to 5 clients
• Plus: $33/mo — unlimited clients, most features
• Premium: $60/mo — advanced features, lower transaction fees

And here's the part that catches people off guard: FreshBooks charges a platform fee on top of Stripe's processing fee on most plans. Depending on your plan and payment volume, you're paying Stripe's rate plus FreshBooks' cut on every transaction.

At $5,000/month in payments on the Plus plan:

• FreshBooks subscription: $33/mo
• Payment processing (Stripe + FreshBooks fee): ~$175–220/mo
• Total monthly cost: ~$208–253/mo
• Annual cost: ~$2,500–3,000

For a contractor who needs invoicing and payment tracking — not a full accounting suite — that's a lot of money for features you're not using.

FreshBooks is best for: Small businesses that genuinely need accounting software, run payroll through it, and have a bookkeeper who uses the reporting features.

Chompis: Built for Getting Paid

Chompis does fewer things than FreshBooks and costs less than Wave once you factor in payment processing. It's built around one specific problem: you did the work, you sent the invoice, and now you need to get paid without spending your evenings chasing clients.

What Chompis does:

• Professional invoicing with 8 templates
• Stripe payments with zero platform fee — clients pay by card, money goes directly to your bank account, Chompis takes nothing above the flat subscription
• Automated 4-stage reminder emails — day before due, due date, 3 days after, 7 days after. Stops automatically when paid.
• Pause/resume reminders per invoice
• Recurring invoices for repeat clients
• Analytics showing who pays on time and who doesn't
• SMS reminders (Pro plan)

What Chompis doesn't do:

• Full double-entry accounting
• Payroll
• Expense tracking
• Tax preparation

If you need those things, FreshBooks or QuickBooks is probably the right call. If you need to send professional invoices, collect payments, and stop chasing people — Chompis is built for exactly that.

Chompis pricing:

• Starter: $29/mo
• Pro: $49/mo
• Power: $79/mo

No platform fee on any plan. The only payment processing cost is Stripe's standard rate (2.9% + $0.30) which applies everywhere.

At $5,000/month in payments:

• Chompis Pro subscription: $49/mo
• Payment processing (Stripe only): ~$145/mo
• Total monthly cost: ~$194/mo
• Annual cost: ~$2,328

That's less than FreshBooks Plus with the same payment volume, and you're not paying for accounting features you don't need.

Head-to-Head Comparison

	Wave	FreshBooks Plus	Chompis Pro
Monthly fee	$0	$33	$49
Platform fee on payments	Yes	Yes	No
Processing at $5k/mo	~$175	~$175–220	~$145 (Stripe only)
Total monthly at $5k/mo	~$175	~$208–253	~$194
Automated reminders	No	Basic	4-stage, auto-stop
SMS reminders	No	No	Yes
Recurring invoices	No	Yes	Yes
Full accounting	No	Yes	No
Built for contractors	No	No	Yes

The Real Question

The software question is really two separate questions:

Do you need accounting software? If yes — you're running payroll, you have an accountant, you need P&L reports — get FreshBooks or QuickBooks. They're built for that.

Do you need to get paid faster and stop chasing invoices? If that's the actual problem, you don't need accounting software. You need something that handles the invoice, collects the payment, and follows up automatically until the money shows up.

Those are different tools for different problems. Most contractors who sign up for FreshBooks are solving the second problem but paying for the first.

Bottom Line

Wave is free until you factor in payment processing, and it won't follow up on your unpaid invoices. FreshBooks is solid software built for a broader audience than most contractors need. Chompis is narrower — it's specifically for invoicing, payment collection, and automated follow-ups — and it's priced accordingly.

The best software is the one you'll actually use consistently. If a full accounting suite sits mostly unused because it's more than you need, that's not a good deal at any price.