How do funds flow between bank accounts with Procore Pay?
Procore Pay is available in the United States. It is designed for General Contractors and Owner-Builders who act as their own General Contractors on a job. Procore Pay extends the Invoice Management functionality in the Procore web application to handle the payment process between general and specialty contractors.
Answer
Only a In Procore Pay, a Payments Admin is a designated Procore user who administers the Company level Payments tool for that company's Procore account. Typically, one (1) or a small number of trusted users are designated to perform the tasks associated with this role. In Procore Pay, a Payments Disburser is a Procore user granted permission to create and view disbursements in the Company level Payments tool. Because of the sensitive nature of payments, only a Payments Admin can add/remove disbursers.
Procore Pay with Procore Payment Services, Inc.'s Money Transmission Services
Click here to view the funds flow.
A
is sent from Procore Payment Services, Inc.’s (PPS) For Benefit Of (FBO) account to initiate aIn Procore Pay, a drawdown request refers to the request to process the drawdown of funds from a payor's funding account, to transmit the funds to the payor's deposit account. This is also referred to as a Fedwire Drawdown.
of disbursement funds from the payor'sIn Procore Pay, a drawdown refers to the disbursement of funds from a payor's funding account to the payor's deposit account held by a financial institution.
.In Procore Pay, a funding account is a bank account where money is held by a financial institution and controlled by the payor. This is the 'Pay From' account.
PPS executes the
from the payor's funding account to the PPS FBO account.In Procore Pay, a wire transfer refers to the drawdown of funds from a payor's funding account to the payor's deposit account or the Procore Payment Services, Inc.'s For Benefit Of (FBO) account.
The PPS FBO account executes the
in theIn Procore Pay, the term payment order refers to an authorized request to push funds from a deposit account to a beneficiary account.
.A disbursement is the action of paying out money from a fund. In Procore Pay, a disbursement withdraws funds from a general contractor's funding account and transmits them to the general contractor's deposit account. Payment orders are then issued to withdraw funds from the deposit account to pay invoices.
The individual
in the disbursement are sent to the payee's bank accounts (a.k.a., theA payment is an amount of money that is either payable or paid to a beneficiary. In Procore Pay, the term payment is used to specifically refer to invoice payments.
in the payor environment).In Procore Pay, a beneficiary account is a bank account where money is held by a financial institution and controlled by the payee. This is the 'Pay To' bank account.
Procore Pay with Commerce Bank
Click here to view the funds flow.
A
is sent from theIn Procore Pay, a drawdown request refers to the request to process the drawdown of funds from a payor's funding account, to transmit the funds to the payor's deposit account. This is also referred to as a Fedwire Drawdown.
to initiate aIn Procore Pay, a deposit account is a bank account where money is held by a financial institution to process the payor's authorized transactions. This is the transaction banking account.
of disbursement funds from the payor'sIn Procore Pay, a drawdown refers to the disbursement of funds from a payor's funding account to the payor's deposit account held by a financial institution.
.In Procore Pay, a funding account is a bank account where money is held by a financial institution and controlled by the payor. This is the 'Pay From' account.
The financial institution executes the
from the payor's funding account into the payor's deposit account.In Procore Pay, a wire transfer refers to the drawdown of funds from a payor's funding account to the payor's deposit account or the Procore Payment Services, Inc.'s For Benefit Of (FBO) account.
The deposit account executes the
in theIn Procore Pay, the term payment order refers to an authorized request to push funds from a deposit account to a beneficiary account.
.A disbursement is the action of paying out money from a fund. In Procore Pay, a disbursement withdraws funds from a general contractor's funding account and transmits them to the general contractor's deposit account. Payment orders are then issued to withdraw funds from the deposit account to pay invoices.
The individual
in the disbursement are sent to the payee's bank accounts (a.k.a., theA payment is an amount of money that is either payable or paid to a beneficiary. In Procore Pay, the term payment is used to specifically refer to invoice payments.
in the payor environment).In Procore Pay, a beneficiary account is a bank account where money is held by a financial institution and controlled by the payee. This is the 'Pay To' bank account.
This table details the difference between a funding account and a deposit account:
Account Type | Definition | Purpose | Learn More |
|---|---|---|---|
Funding Account | A bank account used as the source to withdraw funds for disbursements. | Holds the payor's funds and releases them to the Deposit Account. | What are the different types of bank accounts in Procore Pay? |
Deposit Account * | Procore Pay initiates a reverse wire from the deposit account to transfer the funds for a disbursement from the funding account to the deposit account. | Receives the withdrawn funds to process and execute the payment orders for a disbursement's subcontractor invoices. |
* Procore is a financial technology company, not a bank. Banking services provided by Commerce Bank, an FDIC-insured Missouri bank and trust. Commerce Bank accounts and services are subject to its terms and conditions.
Need multiple deposit accounts? Need multiple deposit accounts? To avoid commingling funds and streamline reconciliation, you can open additional deposit accounts during or after Procore Pay implementation. Submit your request to Procore's Payment Operations team.