Melio makes it easy to pay your vendors with a wire transfer, one of the fastest ways to send money. A wire transfer allows you to move funds directly between bank accounts and is typically completed within hours. You can also use it to pay vendors who only accept wire transfers, which are often preferred in certain industries, especially when handling big payments.
This article will explain how to pay your vendor using a domestic wire transfer.
To learn more about how wire transfers work and how they differ from ACH transfers, see this Melio blog article.
Please note:
- If you want to pay via ACH transfer, check this guide.
- If you are interested in international payments in USD, check this guide for further information.
- If you wish to pay your vendor in a foreign currency, check this article.
How to pay your vendor with a domestic wire transfer
1 - Select +New payment. This button is available on any Pay dashboard tab.
Alternatively, you can select Create a bill from the Bills tab.
2 - In the Bill details, fill in the Vendor business name field.
3 - Select +Add new vendor.
If you want to pay an existing vendor and change the payment delivery method to a wire transfer, check this article for instructions.
4 - Submit the payment details: Amount, Payment frequency, Due date, etc.
5 - Once submitted, select Continue to pay.
6 - Select how you want to pay.
The available options are:
- Bank account
- Card: If you pay with a card, you will pay both the card and the wire transfer fees.
Then, select Continue.
6 - From the list of payment delivery methods, select Wire Transfer.
Please note:
- This payment delivery method is only for domestic wire transfers.
- If you're looking to make an international payment, learn more about how to do so in Melio, whether in USD or foreign currencies.
7 - You will be prompted to submit the vendor’s wire details, and you only need to do so when paying a new vendor for the first time.
Fill in all the details:
- Vendor’s domestic wire routing number.
- Vendor’s domestic wire account number.
- Vendor’s address:
- City
- State
- ZIP code
❗Important:
- Before proceeding, ensure that the vendor accepts wire transfers.
- Wire transfers require specific vendor information. Please submit the wire transfer banking details instead of the ACH details.
8 - After submitting all the details, select Continue.
9 - Select the date for your payment to be sent from the calendar that appeared.
10 - Depending on the selection, you will see available delivery speed options:
- Regular wire transfer: 3 business days.
- Same-day wire transfer: The vendor receives the funds on the same day.
Select the desired delivery speed. Then, select Continue.
What do the different markings mean?
- The payment due date is automatically set to match the deduction date.
- A suggested deduction date is highlighted in purple, but you can select another date if needed.
- The estimated payment delivery date is based on the payment method, delivery method, and deduction date you select.
- Federal holiday dates are blocked on the Melio calendar. When you try to select a date, it will display a Federal Bank Holiday.
11 - Add a memo if you want. Then, select Continue.
12 - Review all the payment details. If everything is correct, select Confirm and schedule payment.
If something is incorrect, you can return to the previous steps by selecting this icon at the top left of the screen.
That’s it. You successfully made a domestic wire transfer.
Please note:
- All future payments to this vendor will be sent via domestic wire transfer.
- If you need to change the delivery method, check this guide for instructions.
- If this is your first payment or we need more details, we’ll ask you to provide some legal information. We do this to ensure compliance and security, as we cannot process your payment without it. Learn more about how to submit these details.
You will see a confirmation page with your payment summary.
Additionally, you can select Notify vendor and set a notification email for them.