Wire drawdown provides for a good funds model to protect the payroll provider from payroll NSF's. Wire Drawdown is a business to business transaction where a company authorizes InterceptEFT to withdraw funds from their account via a wire transfer. InterceptEFT initiates the wire request per payroll instructions from the payroll provider. While traditionally used for next day solutions, wire drawdown will always eliminate payroll risk.
How it works:
|Day 1||Processor sends payroll batch to InterceptEFT by 12:00 p.m. CST no less than 1 day prior to pay date||InterceptEFT initiates Drawdown Wire Request to client bank for the amount of the payroll debit||InterceptEFT receives notification of receipt of payroll funds and submits credits to employee accounts|
|Day 2||Payroll funds are deposited into employee accounts|