With Procore Pay, payors and payees require different types of bank accounts to send and receive payments. See How do funds flow between bank accounts with Procore Pay?
This table details the different types of required bank accounts for Procore Pay.
Account Type | Account Owner | Description | Notes | Learn More |
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Funding Account | Payor |
In Procore Pay, a funding account is a bank account where money is held by a financial institution and controlled by the payor. This is the 'Pay From' account. How does it work? After the account owner authorizes the disbursement in Procore Pay, the financial institution for the deposit account:
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Add Funding Accounts as a Payor |
Deposit Account | Payor |
In Procore Pay, a deposit account is a bank account where money is held by a financial institution to process the payor's authorized transactions. This is the transaction banking account. How does it work? After the drawdown of funds, the deposit account:
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Open a Deposit Account as a Payor Add Funding Accounts as a Payor |
Beneficiary Account | Payee |
In Procore Pay, a beneficiary account is a bank account where money is held by a financial institution and controlled by the payee. This is the 'Pay To' bank account. How does it work? After the invoice payment is withdrawn from the deposit account, each payee on the disbursement:
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