Wires are a method of moving money from one bank account to another in the US. Wires settle same day and are irrevocable (meaning that once the money is sent, it can't be retrieved). Wires are convenient for funding payrolls as soon as possible, but they come with risk.
Reasons to fund a payroll via wire transfer
Because wires settle faster than ACH, they can be used in scenarios where speed is necessary. Most commonly, they are used when:
A payroll approval deadline has been missed
Payroll funding failed and the employer wants to still pay employees without delay
An employer wants to pay their team on an accelerated timeline
How to fund payrolls by wire
Approve the payroll that you would like to pay by wire.
Request a wire by email [email protected] or phone 1.888.465.1572
Confirm the specific payroll run you want to fund via wire referencing the pay period or payday.
Once we receive your request and confirmation to do the wire, the payroll will show in Salaris as 'Submitted'.
The payroll administrator will provide the wire instructions containing a unique routing and account number.
Confirm with the payroll administrator that the following are accurate:
Account name: FIB Client Money
Account address: 8701 East 116th Street, Fishers, IN 46038
Bank name: First Internet Bank
Verbally confirm the routing, account details and amount if on the phone (or visually if instructions are received via email) to ensure accuracy.
Use the details provided to initiate the wire request from your bank. This can typically done:
in your banking app
on the website, or
in a branch
You will receive automated email confirmation when the wired funds are received and the payroll is cleared for processing.
Note: if you find a correction and change the total for a payroll, you will need to request new wire instructions again.
Wire funding timelines
Since Salaris does not initiate the wire transfer, Salaris needs to wait for the incoming funds and then reconcile them against the correct payroll. Depending on when you communicate with your bank, this could take several hours. Funds must be received and reconciled by specific times to ensure timely payment of employees:
To ensure Employees are paid by 8:30am ET on payday: Wired funds must be received by 5pm ET the day before payday.
To ensure Employees are paid by 6pm ET on payday: Wired funds must be received by 4pm ET on payday.
To reduce risk of paying employees late, wires should be initiated 2-4 hours before the specified cutoff times.
Risk when funding payrolls by wire
To ensure timely processing and reduce risk, wires must:
Be for the exact amount specified
Use the exact unique routing and bank account communicated by Salaris
If funds are wired to the wrong account, you could lose the full amount of your payroll, so please be diligent and check every detail of the wire.
The standard method of funding payrolls is via ACH debit. ACH debits take longer than wires, but there is less room for fraud.
Need help?
For definitions of terms in this article, refer to our Payroll Glossary.
If you have questions or need assistance, please contact Salaris Payroll Support. We’re here to help.