How do funds flow between bank accounts with Procore Pay?
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
Only a Payments Admin or a Payments Disburser can Create Disbursements in Procore Pay. Once authorized, a disbursement initiates these actions depending on your service. Payors can choose one (1) of three (3) services:
Procore Pay with Procore Payment Services, Inc.'s Money Transmission Services
Click here to view the funds flow.
- A drawdown request is sent from Procore Payment Services, Inc.’s (PPS) For Benefit Of (FBO) account to initiate a drawdown of disbursement funds from the payor's funding account.
- PPS executes the wire transfer from the payor's funding account to the PPS FBO account.
- The PPS FBO account executes the payment orders in the disbursement.
- The individual payments in the disbursement are sent to the payee's bank accounts (a.k.a., the beneficiary accounts in the payor environment).
Procore Pay with Goldman Sachs Transaction Banking (TxB)
Click here to view the funds flow.
- A drawdown request is sent from the deposit account* to initiate a drawdown of disbursement funds from the payor's funding account.
- The financial institution executes the wire transfer from the payor's funding account into the payor's deposit account.
- The deposit account executes the payment orders in the disbursement.
- The individual payments in the disbursement are sent to the payee's bank accounts (a.k.a., the beneficiary accounts in the payor environment).
