After the expenses submitted by international users are approved, they will be grouped together in a batch as they await the next payment transfer to be initiated by an Admin.
Creating a Batch Payment
To create a batch payment, Admins will need to navigate to the 'Reimbursement' page of their Abacus account. There they will see all approved and unpaid international expenses grouped together with the option to 'Reimburse Now.' This section is updated in real time. This means the number of expenses and the amount that needs to be reimbursed will update as expenses are approved until the next transfer is initiated.
Next, the Admin will need to click 'Reimburse Now' to see the breakdown of the expenses that require funding and the users that will be reimbursed.
Please note the amount shown here is an approximation and is subject to change based on the transfer fees, which will be updated to the final amount when the transfer is started.
Initiating a Transfer
To initiate a transfer, click on the the 'Start Transfer' button. This will generate payment details from Wise (formerly TransferWise), which will include the correct exchange rates and fees associated with the transfer. The exchange rates are guaranteed for 24 hours.
Please note, if Wise does not receive the funds within 24 hours, the payment batch will be cancelled. All expenses tied to that transfer will return to an unpaid state and can be processed in the next batch of international expenses.
Funding Payments to Wise
Once the payment details have been generated, you must login into the funding bank account associated to Wise to send the payment within 24 hours. There are three steps to a successful payment:
- For the initial transfer, you will be required to add Wise as a new recipient. Moving forward, the details will be saved in your bank account, making the wire transfer process easier.
- Input the exact amount to transfer as noted in the "Amount to Send" field on Abacus
- Input the Reference ID in the description - this is critical to include, please do not omit!
This is an example of how it may look in your company bank account:
Real-time Status Updates
After you initiate the transfer process, you will see real-time updates for the batched payment in your Abacus account. The batch of expense will initially move into a 'Processing' state after the transfer is started in Abacus. You will have access to the payment details for the transfer for up to 24 hours. If a transfer is not initiated within the 24 hour window, the transfer will be automatically cancelled.
Once the wire transfer is sent through the company bank account to Wise, you should see the batch update with 'Paid'.
The batch will remain in the 'Processing' section until all of the associated deposits are done, at which point it will move into the 'Completed' section.
Emburse International Reimbursements powered by Wise is a paid feature available to Professional and Enterprise customers. To learn more about functionality and pricing, please reach out to email@example.com or your customer success manager.