Are You Wired In?

Recently, we were made aware that a very large company was not set up for wire or ACH electronic payment remitting.  It was very surprising to us.

When you might have the need to send or receive funds on a more immediate basis, it is best to have some type of online wire or payment remittance system set up with your Bank.  This can sometimes take a few weeks due to data testing and security checks.  You can also be set up by phone through your bank which may not take as long to set up as the online options.  Without these options, overnighting a hand written check may be your only option.

In today’s world of technology, your company really should have some type of mechanism to send money quickly.  While the cost and longer timeframe of setting up an online system with your bank may be too onerous, setting up phone wires should be as simple as a form to be placed on file.  Then you are only charged when you send a wire through the phone system.

You can also physically walk into your local banking center and ask to make a manual wire.  It may be the costliest option but you have the benefit of dealing with a live person and watching them send the wire in front of you.  If you need to send the wire in a different currency, this is easy to understand the cost of that exchange as the bank personnel can walk you through that at the same time.

Take the time to ask your local banker about how best your firm can be wired in for electronic money transfers via wires.  There likely will be a time when you will be glad you asked and had the foresight to set this up ahead of time.

Be well.