What are Procore Pay's payment processing deadlines?
General Availability in Select Markets (United States)
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
When you authorize disbursements in Procore Pay, the system automatically sends a In 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.
Procore Payment Services Inc., Payment Processing Deadlines
When using Procore Pay with Procore Payment Services, Inc., payment processing deadlines and best practices include:
Funding Your Disbursement: To ensure payment orders are executed the same day, your drawdown requests must be processed by the system by 4:00 PM Eastern Time (ET). Your bank must fully settle the transfer before 5:00 PM ET.
Executing Payment Orders: Settled funds must be received by Procore Payment Services, Inc., by 7:00 PM ET for payment orders to be processed and sent as next day payments.
Best Practices for Timely Payments
To ensure prompt payment processing, please follow these guidelines:
Authorize disbursements before 4:00 p.m. ET to ensure requests are submitted by the deadline: Initiate drawdown requests during standard business hours for same-day processing. Requests submitted after the deadline may take two (2) business days to process.
Maintain adequate funds in your funding accounts: Ensure sufficient funds are available in your company's funding account to prevent rejection.
Important
For other established financial institutions that work with Procore Pay, consult the institution's settlement terms for specific deadlines.