Are payments made through Procore Pay insured?
Background
Procore is a provider of construction management software products, which includes fintech solutions and money services, not a bank. See Is Procore a bank or a financial institution? Therefore, direct FDIC insurance on all funds held within their systems doesn't apply as it would to a traditional bank account. However, here's a breakdown:
Banking Partnerships 
Procore partners with established financial institutions. See How do funds flow between bank accounts with Procore Pay? When funds are held within accounts at these partner banks, those accounts may be subject to FDIC insurance, according to the established financial institution's terms.
Funds Flow 
The flow of funds within Procore Pay involves movement between various accounts. Therefore, it's crucial to understand the specific terms and conditions of the financial institutions involved in those transactions and review the terms and agreements provided by the established financial institution or Procore Payment Services, Inc. (PPS).
Answer
Yes, your funds are insured by the FDIC on a “pass-through” basis up to $250,000. How this works, and some important limitations on this coverage, are as follows.
When you initiate a payment, PPS’s bank, JP Morgan Chase, N.A. (“Chase”) will initiate a reverse wire transfer from your funding account. When received by Chase, the funds from that reverse wire are deposited into a custodial account that PPS has established at Chase. PPS will then instruct Chase to initiate wire transfers to your recipient(s) in accordance with your instructions.
Chase is an FDIC-insured bank. If Chase is placed in receivership (i.e., “fails”) when your funds are deposited in the custodial account, then you will be insured by the FDIC on a “pass through” basis (up to $250,000), provided that certain conditions are met.
Pass-through coverage depends on PPS maintaining records that the FDIC deems sufficient to determine your share of funds on deposit in the custodial account. PPS believes that the records it maintains will be sufficient to allow the FDIC to determine each customer’s share of funds in the custodial account, but that determination ultimately will be made by the FDIC at the time of receivership.
FDIC insurance only protects you against the risk of Chase’s failure. PPS is not an insured institution and FDIC insurance does not protect you against risks associated with PPS's failure. [(However, we believe that in the unlikely event of PPS’s insolvency that a bankruptcy court likely would determine that the funds in the custodial account are the property of PPS’s customers, and that these funds would not be placed in the bankruptcy estate to satisfy claims of PPS's general creditors.)]
Please note also that the $250,000 coverage limit applies on a per institution basis. This means that if Chase fails, your funds in the custodial account will be aggregated with any other deposits you may have at Chase for purposes of the coverage limit. For example, if you have $200,000 in the custodial account and $200,000 deposited in other accounts that you maintain at Chase, your total coverage will be limited to $250,000 (not $250,000 for the custodial account funds and $250,000 for your other deposit accounts).