What is a Reverse Wire Drawdown?
What is a Reverse Wire?
- A new method for companies to fund their payroll runs. As the name suggests, a reverse wire is simply a wire that is initiated by the receiving bank rather than the sending bank.
What are the benefits of funding payroll via reverse wire?
- It allows businesses to run payroll with a 2-day processing time if they do not qualify for 2-day ACH processing.
Important information to consider prior to setting up reverse wire for your group:
- Your bank will likely charge you a fee for each Reverse Wire transaction. The fees vary from bank to bank and you can typically negotiate the rates with your bank. We recommend speaking to your bank representative to see what steps you can take to bring down the cost.
- All pay runs on a given check date are processed on one reverse wire. For example, if you have 3 pay runs for a single check date you will have one reverse wire processed that covers both wages and taxes for all three runs.
How do I set up Reverse Wire to fund my Payroll?
- Reach out to our Customer Care team and let them know you are interested in setting up Reverse Wire for your group. They will loop you in with a member of the Banking Specialists team who will assist you with the set up!
Thank you for the feedback!