Approve a Beneficiary Bank Account as a Payor

After your beneficiary company adds a bank account, a Payments Admin or Payments Beneficiary Approver must approve it. Approving a beneficiary account provides payees with the ability to receive payments to the correct account.

• Required User Permissions

• Additional Information:

  • Payors receive an email notification when beneficiary accounts are awaiting review and approval. For details about the email and recipients, see When does Procore Pay send email notifications?

  • A beneficiary's bank account only needs to be approved once to make payments to it.

  • If the beneficiary company changes its bank account, you will need to approve the new bank account information.

  • You can only approve beneficiary bank accounts or leave them in a 'Needs Review' status. You cannot reject a bank account.

  • You cannot currently change the status of an approved bank account.

  • Bank accounts that need review will show first in the list order.

• The payee must complete the steps in Add a Bank Account as a Payee.

1. Navigate to the Company level Payments tool.

2. Click the Beneficiaries tab.

3. Locate the beneficiary and click Manage.

4. Review the beneficiary's information for accuracy:

   • Directory Record. Shows the beneficiary's information in the company record of the Directory tool. See Add a Company to the Company Directory.

   • Company Profile. Shows the beneficiary's profile information as the beneficiary submitted it. See Set Up Procore Pay as a Payee.

   • Bank Account. This is the bank account number for payments submitted by the beneficiary.

      Note

     Que se passe-t-il si les informations contenues dans l’enregistrement d’annuaire et dans l’enregistrement d’entreprise sont différentes ? Si les informations soumises par le bénéficiaire sont différentes de celles de l’outil Annuaire, Procore recommande de contacter le bénéficiaire pour déterminer si votre administrateur Procore doit effectuer un changement d’adresse dans son dossier d’entreprise. Pour en savoir plus, voir Modifier une entreprise dans l’annuaire de l’entreprise.

5. If the information is correct, click Approve for Payment.

This sets the account's status to 'Approved', enabling it to receive payments through Procore Pay.

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