This article covers how you can fund your payroll process on Velocity Global Contractor Management to payout contractors on a regular basis.
Funding Overview
VGCM via Wingspan offers two main methods for Funding Payroll:
Pull or Debit Funding: Following Payroll Processing, Wingspan will originate an ACH Debit or Reverse FedWire (Drawdown) to the linked Payment Method to fund the payroll.
Push or Pre-funding: Prior to running a payroll, the total amount to cover the entire payroll should be deposited into the Wingspan Wallet via an ACH Credit or FedWire.
Note that your preferred payroll funding method will be managed within the Velocity Global Platform directly, rather than through Wingspan directly.
Pull or Debit Funding
Timing
The default processing time for Pull Funding is three business days, which means for a payment to arrive by Friday, the payroll needs to be complete on Tuesday.
The cutoff time for Pull Funding is 9:00 PM ET, a payroll run on a business day before the cut off will be processed on that day, and will arrive in the contractor's account by the end of the third business day.
Preparing your Funding Account
Wingspan will make ACH Debits using the following information:
Bank Name: JP Morgan Chase Bank, N.A.
Bank Routing Number: 021000021
Originator (Company) Name: Wingspan Networks, Inc
Originator (Company) ID: 9318973000
Your bank may require whitelisting of Wingspan to allow for the debit – please ensure that Wingspan is whitelisted before your first payroll to ensure that the Funding Debit is not returned.
For larger payrolls, Wingspan will send a separate authorization document for authorizing the use of Reverse Wire (Drawdown) debits. If you intend on paying consistently more than $200k per payroll, please contact your account manager.
Returns
If there’s a problem with your funding source (return for unauthorized debit, insufficient funds, etc.), Wingspan will notify you as quickly as possible. In order for the payments flow to continue uninterrupted, we will likely need you to wire funds to cover the disbursement as quickly as possible.
Push or Pre-funding
Push funding requires pre-funding your entire payroll into your Wingspan Wallet. You can find the account and routing numbers of your Wingspan Wallet on the Wingspan Wallet page by clicking the last 4 digits of your account number.
You can send funds to your wallet via ACH Credit or FedWire.
