Common Questions
What is an Early Pay Program?
How do payors sign up to participate in the Beta program?
How do early Pay Programs benefit cash flow?
How does an Early Pay Program affect the Procore Pay payment process?
What is an Early Pay Program?
An Early Pay Program (EPP) is a financial strategy where a payor, typically a large general contractor, agrees to make early subcontractor invoice payments, in return for a fee.
How do Payors Sign Up to Participate in the Beta Program?
For information about participating in the Beta Program, contract your Procore point of contact or Support.
How do Early Pay Programs benefit cash flow?
With Early Pay Programs, payors can set fees to ensure cost savings. For payees, accepting fees for early invoice payments helps to ensure their financial stability, improve their supply chain health, and reach higher levels of success from consistent cash flow.
For companies that choose to offer Early Pay Programs, it is important to be aware that careful program management is required. This ensures your programs will be beneficial to all parties. A carefully managed program ensures fees don't negatively impact cash flow.
How does an Early Pay Program affect the Procore Pay payment process?
After a Payments Admin creates an Early Pay Program and assigns it to a project, a payee must opt-in to enroll in a program. Once the payor approves enrollment, Procore Pay applies either the Standard or Preferred Fee to the payee's subcontractor invoice payments.
If a payee opts out of a program, the fee is no longer applied to that payee's unpaid invoices.
If a payor deactivates a program, all payees are unenrolled from at deactivation and Procore Pay no longer applies the fee to unpaid invoices.