Reverse wires, also known as a wire drawdown or draw-down requests, allow you to authorize another party to withdraw funds directly from your bank account. This other party is often your payroll provider, who may require that you use reverse wires to make sure their payroll is processed correctly.
Payroll providers often prefer reverse wires because they pull money directly from your account and are preferable for large, recurring transactions (even if the exact amount of the recurring payment varies).
Reverse wires also help Brex customers in a few important ways:
Reliability: If you have enough funds in your account, wire drawdowns are much more likely to go through than ACH debit or check transactions.
Cash on hand: Wire drawdowns are processed in real time, like a wire, so the withdrawal date is usually less than two days before payroll. By leaving money in your bank account longer, you have more cash on hand.
Easy reconciliation: If you regularly send employee payroll, contractor payroll, and payroll tax payments every two weeks, wire drawdowns will consolidate all three payroll withdrawals into a single transaction.
Set up a reverse wire
You can easily set up a reverse wire authorization right from your Brex dashboard by following the steps below.
Step 1: Go to Cash > Send funds.
Step 2: Choose > To a payroll provider and follow the instructions provided.
Step 3: Once you’ve set up authorization on Brex, you’ll need to set up the authorization from your payroll provider. You may need to contact your payroll provider directly to complete the process.
After setting up the authorization, you can initiate the transaction from your payroll provider’s platform. You can find the reverse wire authorization in the Vendors tab under the name of your payroll provider.
Revoke authorization
You can easily revoke a reverse wire authorization by following the steps below.
Step 1: In your dashboard, go to Vendors and search the Payroll Provider.
Step 2: Select the red icon next to the Reverse Wire Authorization.
Step 3: Confirm that you’d like to revoke the authorization.
Reverse wires, also known as a wire drawdown or draw-down requests, allow you to authorize another party to withdraw funds directly from your bank account. This other party is often your payroll provider, who may require that you use reverse wires to make sure their payroll is processed correctly.
Payroll providers often prefer reverse wires because they pull money directly from your account and are preferable for large, recurring transactions (even if the exact amount of the recurring payment varies).
Reverse wires also help Brex customers in a few important ways:
Reliability: If you have enough funds in your account, wire drawdowns are much more likely to go through than ACH debit or check transactions.
Cash on hand: Wire drawdowns are processed in real time, like a wire, so the withdrawal date is usually less than two days before payroll. By leaving money in your bank account longer, you have more cash on hand.
Easy reconciliation: If you regularly send employee payroll, contractor payroll, and payroll tax payments every two weeks, wire drawdowns will consolidate all three payroll withdrawals into a single transaction.
Set up a reverse wire
You can easily set up a reverse wire authorization right from your Brex dashboard by following the steps below.
Step 1: Go to Accounts > Business accounts. Select the account and click Manage account.
Step 2: Choose Link to yourpayroll provider and select your provider from the dropdown menu (if it doesn’t appear right away, type it in manually) and click Authorize reverse wire.
Step 3: Once you’ve set up authorization on Brex, you’ll need to set up the authorization from your payroll provider. You may need to contact your payroll provider directly to complete the process.
After setting up the authorization, you can initiate the transaction from your payroll provider’s platform. You can find the reverse wire authorization in the Vendors tab under the name of your payroll provider.
Revoke authorization
You can easily revoke a reverse wire authorization by following the steps below.
Step 1: In your dashboard, navigate to Vendors and search the Payroll Provider.
Step 2: Select the red icon next to the Reverse Wire Authorization.
Step 3: Confirm that you'd like to revoke the authorization.