Funds Flow
Procore Pay with Procore Payment Services, Inc.'s Money Transmission Services
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 each
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.
Each individual
in the disbursement are sent to the payee's bank accounts (a.k.a., aA 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.
