Missed the approval deadline for a payroll? You can still pay your employees. With Fund by Wire, you approve the payroll in Arcoro Payroll and send the money by bank wire instead of the usual automatic bank withdrawal. This article walks you through it.

The short version: Approve the payroll with Fund by Wire, then have someone at your company send a wire from your bank for the exact amount shown. The wire must arrive by 4 PM Eastern Time (ET) on payday. Your employees are paid after it arrives.

When to Use Fund by Wire

Use Fund by Wire when the approval deadline for a payroll has passed and you still want your employees paid on payday or soon after. **Fund by Wire** is available on any payroll that has been submitted for approval.

Normally, we withdraw the money for payroll from your bank account automatically. When you fund by wire, we do not withdraw anything for that payroll. You send the money yourself.

Before You Start

• Who can do this: Payroll Administrators. These are the same people who can approve a payroll. Other users see the Fund by Wire button, but it is unavailable to them.
• Who sends the wire: Someone at your company with access to your company bank account, such as your controller or bookkeeper. Arcoro does not send the wire for you.
• Fees: There is a fee for funding a payroll by wire. Contact your Customer Success Manager (CSM) to learn more. Your bank may also charge a fee to send a wire.
• Bank cutoffs: Your bank may have its own cutoff time for same-day wires. Check with your bank before you start.

When will employees be paid?

Tip: Wires are not instant. Send yours 2 to 4 hours before the deadline.

How to Fund a Payroll By Wire

Go to Payrolls and open the payroll. On the Payroll Review page, click Fund by Wire.

The Fund by Wire form opens. On the form:

1. Read How funding by wire works at the top.
2. Check the Payday. It starts as the current payday. You can choose today or a later date. If it is already past 4 PM ET, choose a later date. When you change the payday, the totals are recalculated for the new date. This can take a moment.
3. Check the box confirming your company will send a wire for the exact amount shown.
4. Click Approve Payroll and View Wire Details.

Changed your mind? Click Cancel. If you changed the payday, the original payday is put back.

Changing the payday into a new quarter or year? You will see a warning. Moving a payday from December into January, for example, means the taxes are reported in the new year and the pay appears on employees' W-2s for the new year. Check with your accountant if you are not sure.

Send the Wire

After you approve, the Wire Details window opens. It shows:

• The exact wire amount
• The deadline, shown in Eastern Time and in your own time zone
• Bank name, account name, routing number, account number, and account address

If the window says the wire details are being prepared, wait a minute, then click View Wire Details on the payroll.

When you send the wire:

• Send the exact amount shown.
• Send it to the exact account shown for this payroll. The details change for every payroll, so never reuse details from an earlier wire.
• Make sure it arrives by 4 PM ET on payday.

Protect against wire fraud. Wire details are only shown inside Arcoro Payroll. Arcoro will never send wire details by email, phone or text. If you get wire instructions any other way, do not use them. Sign in to Arcoro Payroll to see the real details, and contact Arcoro Support if something looks wrong.

See the Wire Details Again

The payroll status changes to Pending while it waits for your wire. To see the wire details again, open the payroll and click View Wire Details.

Only Payroll Administrators can see the wire details. If someone else at your company sends the wire, a Payroll Administrator should open the details in Arcoro Payroll with them when they send it.

Once your wire arrives, the payroll moves forward and your employees are paid.

Need to Make Changes After Approving?

While the payroll is Pending, you can reopen it with Reopen Payroll until the Reopen Deadline shown on the payroll.

• If you already sent the wire, contact Arcoro Support before you reopen the payroll.
• After you make your changes and submit the payroll for approval again, approve it with Fund by Wire. The regular Approve Payroll button is unavailable for a payroll set up to be funded by wire. This makes sure you always see the current wire details and amount.
• If your changes affect the total, the wire amount changes too. Always send the amount shown on the payroll at the time you send the wire.

If Your Wire Does Not Arrive in Time

If the wire does not arrive by 4 PM ET on payday:

• The payroll fails, and employees are not paid for that payroll.
• New payrolls cannot be approved until the failed payroll is funded or voided.

Contact Arcoro Support right away. We will help you fund or void the payroll so you can approve your next one.

FAQs

Does approving the payroll send the wire?

No. Approving tells us to expect a wire. Someone at your company must send the wire from your bank.

Will Arcoro also withdraw the money from my bank account?

No. When you fund a payroll by wire, we do not withdraw money from your account for that payroll.

Can I reuse wire details from a past payroll?

No. The details are different for every payroll. Always use the details shown on the payroll you are funding.

Can I send more or less than the amount shown?

No. Send the exact amount shown.

Who can see the wire details?

Payroll Administrators, the same people who can approve payrolls. To protect your company from fraud, the details are not shown to other users.

Is there a fee to fund a payroll by wire?

Yes. Arcoro charges a fee for funding a payroll by wire, and your bank may also charge a fee to send the wire. Contact your Customer Success Manager (CSM) to learn more.

Still Need Help?

Contact Arcoro Support and share the payroll name, payday and amount.