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Procore

Why does Procore Pay collect business ownership details?

  1. Last updated
    Apr 1, 2025
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 General Availability in Select Markets (United States)
flag-us.png Procore Pay icon-external-link.png  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 icon-external-link.png functionality in the Procore web application to handle the payment process between general and specialty contractors.

Background

A beneficial owner is an individual who owns 25% or more of a business entity or exercises substantial control over the company.

A business controller is an individual or entity who owns at least 10% of a business and influences business decisions, such as an officer or director. 

Answer

To comply with Know Your Customer (KYC) regulations, Procore Pay requires the collection of beneficial owner and business controller information. For payors using Procore Pay, your company is responsible for maintaining accurate information on the 'Business Entities' page within the Payments Settings of the Company level Payments tool. See Manage Business Entities as a Payor. 

Examples

Examples of the ownership information that Procore Pay is required to collect include these items:

  • Bank authorization
  • Business name
  • Street address
  • State of Headquarters
  • State of Incorporation
  • Country of Incorporation
  • Contact information, like email address and phone number
  • Federal Tax IDs, like your Employer Identification Number (EIN)
  • Date of birth
  • Social security number

To learn how Procore Pay protects privacy and security, see How does Procore Pay collect, secure, and verify sensitive information?