Set up a wire drawdown
A wire drawdown, also known as a reverse wire, is a type of wire payment initiated by your recipient to withdraw funds from your account. Wire drawdowns are most commonly used for payroll and allow for fast, secure transfers with no action needed on the sender’s end once they’re set up.
To set up a new wire drawdown, you'll first need to create an authorization on your Mercury dashboard.
Creating an authorization on your Mercury dashboard
- Go to your Payments page, then go to the Wire Drawdowns tab and click Create Authorization.
- On the first screen, select Payroll/Benefits and then choose the name of your payroll provider from the dropdown. If you don’t see your recipient in the list, select Custom to manually input your vendor's payment information. Once you’re done, click Next.
- On the Source Account screen, choose the account you want to pay from. Click Next.
- You’ll be asked if you want to set a drawdown limit. This is totally optional, but allows you to limit how much money can be requested from your provider. If you don’t want to set this up, click Skip Limits & Review. Otherwise set up your limits and then click Review.
- Review everything one last time and click Authorize.
- Once set up, the authorization will remain active until you cancel it in Mercury. You can view and edit all active authorizations from the Wire Drawdowns tab on your Payments page.
Finish setting up with your recipient
Once you've created the authorization on Mercury's end, you'll need to complete a few additional steps on your recipient's side before drawdowns can be processed.
- If you're setting up with Gusto, please follow their guide on setting up and running reverse wire payrolls.
- If you're setting up Sequoia One, TriNet, ADP, Namely or any other partner, please reach out to your contact and they'll be able to help you figure out the final steps to get up and running.
If you're interested in wire drawdowns and don't see the option in your dashboard, please reach out to email@example.com to unlock this feature.