process
Wire Transfer
A wire transfer is an electronic bank-to-bank funds transfer used to disburse loan or advance proceeds directly to a business bank account.
Definition
What it means.
Most business funding is disbursed via ACH transfer or domestic wire. ACH transfers settle in 1–2 business days and are free or low-cost. Domestic wires settle the same day if initiated before the bank's cutoff (typically 3 PM ET) and typically carry a $15–$35 sending fee.
For time-sensitive funding, same-day working capital, bridge funding on a deal closing day, equipment purchases where the vendor requires immediate payment, a wire is the correct disbursement method. Always confirm your bank's incoming wire instructions (routing number, account number, bank name, and address) before accepting a funding offer.
Example
A restaurant owner accepts a $120,000 revenue-based advance at 10:30 AM. ICG initiates a domestic wire. The wire settles in the restaurant's account by 3:00 PM the same day, the owner uses the funds to prepay the beverage distributor before month-end.
Now what?
Get an offer that accounts for wire transfer.
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