Funds Flow

Funding vs 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.

This table details the difference between a funding account and a deposit account:

Account Type

Definition

Purpose

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.

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Receives the withdrawn funds to process and execute the payment orders for a disbursement's subcontractor invoices.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. Accounts and services are subject to the terms and conditions of the specific partner bank. See the sections below for details on partner institutions.

To learn more, see What are the different types of bank accounts in Procore Pay?

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 a of disbursement funds from the payor's .

  • PPS executes the from the payor's funding account to the PPS FBO account.

  • The PPS FBO account executes each in the .

  • Each individual in the disbursement are sent to the payee's bank accounts (a.k.a., a in the payor environment).

procore-payment-services-inc-funds-flow

Procore Pay with Commerce Bank

  • A is sent from the to initiate a of disbursement funds from the payor's .

  • The financial institution executes the from the payor's funding account into the payor's deposit account.

  • The deposit account executes each in the .

  • Each individual in the disbursement is sent to the payee's bank accounts (a.k.a., a in the payor environment).

procore-pay-with-commerce-bank-funds-flow

* 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.