To set up Reverse Wire for your company to fund payroll, please follow the three step process outlined below:
Step 1: Download the Reverse Wire Setup PDF.
- Log into your Zenefits Admin account.
- Click on the Payroll app.
- Select Settings.
- Scroll down to the Reverse Wire Settings section.
- Click the link: "Download additional information to assist with setting up reverse wire with your bank."
NOTE: If you do not see the Reverse Wire Settings section, please contact Customer Care or your Account Executive. They will work with our Banking team to enable these settings in your Zenefits account.
Step 2: Take the PDF to your Bank Relationship Manager and request to authorize Zenefits to initiate wire fund transfers.
- The PDF is for informational purposes only. Your bank should provide you with their own Reverse Wire Drawdown agreement form, as it can vary from bank to bank.
- This part of the process must be completed by an authorized signer on your account (Zenefits cannot set it up on your behalf).
- When you set your “Maximum Drawdown Amount,” ensure it's high enough to cover the combined total of pay runs you may process in a single day.
- Ensure the routing number you enter in Zenefits supports wire transfers (if it is only an ACH routing number, the transaction will fail).
Step 3: Once you have authorized Zenefits to initiate wire transfers at your financial institution, update your Reverse Wire Settings in Zenefits.
- Return to the Settings tab of the Payroll app in Zenefits.
- Click on the pencil icon to edit.
- Change “Zenefits has been authorized to initiate wire transactions for payroll purposes with [COMPANY NAME] bank” from No to Yes.
- Enter your Maximum withdrawal limit (USD).
After you complete the steps above, the Zenefits Banking team will change your company’s payroll drawdown type to reverse wire and you’ll be all set. If you have any questions, please don’t hesitate to reach out to our Customer Care team. We’ll be more than happy to answer any questions you or your financial institution may have!