About Early Pay Programs (Beta)

Manage Early Pay Programs in the Payments Tool

With Procore Pay, an 'Early Pay Programs' tab is available in the Company level Payments tool. Payment Admins can use the controls in this tab to:

• Create and manage Early Pay Programs. Set the fee and timeline for early payments. This includes setting each program's 'Fees', 'Due Dates,' and 'Status' (Active or Inactive).
• Assign Early Pay Programs to Projects. Create as many Early Pay Programs as needed and assign them to a Procore project. Each project can have one (1) program assigned. 
• Switch, Remove, or Deactivate Early Pay Programs. Switch programs offered on projects and remove Early Pay Programs from projects. Programs can also be deactivated at any time. 

See About the Early Pay Programs Tab in the Payments Tool. 

Example

This is an example of the Early Pay Programs tab in Procore Pay's Company level Payments tool. 

Create Self-Funded Early Pay Programs

A self-funded program lets a general contractor use their capital to fund an early pay program to offer to specialty contractors. When creating a program:

• Choose which projects offer self-funded early payment terms.
• Establish standard and preferred rates to offer to eligible payees.
• Control the fees and timeline for early invoice payments.

Once offered, program fees and terms cannot be modified. To change them, deactivate a program and create a new one.

See Create Early Pay Programs as a Payor.

Example

This is an example of the New Early Pay Program page for creating a program in the Payments tool. 

Offer Standard & Preferred Fees to Payees

To offer an Early Pay Program to payees, Payors can:

• Classify payees and offer the Standard or Preferred fee. Offer two (2) fees to payees: Standard or Preferred. To apply different fees to different payees, classify them as 'Eligible - Standard Fee' or 'Eligible - Preferred Fee'. 
• Exclude select payees from Early Pay Program participation. Exclude payees from participating in a program by classifying payees as 'Ineligible'. This is useful for first-time trade partners or partners with performance issues. 
• Set due dates for early payments. Once invoices are approved for payment, pay them on a set day of the month or a set number of days. 

See Create Early Pay Programs as a Payor and Manage Participation and Fees for Early Pay Programs as a Payor.

Assign Early Pay Programs to Procore Projects in Project Controls

Assign an Early Pay Program to a project when Procore Pay is enabled in Procore. Payment Admins can:

• Assign an Early Pay Program to one (1) or multiple Pay-enabled projects. Use the bulk select option in the Project Controls page of the Payments tool to assign programs to projects.
• Change assignments for one (1) or multiple Pay-enabled projects. Stop offering one program and transition to a new program. You can also choose the 'No Program' option. 
• Remove assignments for one (1) or multiple Pay-enabled projects. Remove all participants from a program to stop applying fees to unpaid invoices. 

See Assign Early Pay Programs to Procore Projects as a Payor and Remove Early Pay Programs from Procore Projects as a Payor. 

Manage Early Pay Program Eligibility for Beneficiaries

Once Early Pay Programs is enabled, the Early Pay Program Eligibility column appears in the Beneficiaries tab of the Payments tool. To offer payees different fees, payors classify their payees as follows:

• Eligible - Standard Fee. Indicates the payee is eligible for participation with the standard fee. 
• Eligible - Preferred Fee. Indicates the payee is eligible for participation with the preferred fee. 
• Ineligible. Indicates the payee is not eligible for participation. 

See Manage Early Pay Program Eligibility for Beneficiaries. 

Invite Payees to Self-Enroll in Early Pay Programs

Eligible payees who provide goods or services can opt in and out of a project's Early Pay Program. Offering programs on a project, instead of a single invoice, provides collaborators with greater financial insights when forecasting projects. 

• Payees can accept or decline early invoice payments for a commitment on their Procore projects. 
• Payors can classify payees as Standard, Preferred, or Excluded to control program participation, offer different fees, or exclude payees. 

See Manage Early Pay Program Eligibility for Beneficiaries.

Track Early Pay Due Dates on Invoices in Payment Details

Once a specialty contractor enrolls in a program, invoice administrators can use Procore's Invoice Management tools to track Early Pay Program status, fees, and due dates using the Payment Details card on a subcontractor invoice. This card is only visible to users who can create, edit, and review subcontractor invoices for a payor.

See Create a Subcontractor Invoice on Behalf of an Invoice Contact.

Track Early Pay Due Dates in Payments

Payments Admins and Payments Disbursers can track Early Pay Due Dates in the Payments tool in the Subcontractor Invoices tab. Click the Configure button to open the Filters pane or click the Filters button apply these new filter options to the tab: Overdue Today, Next 7 Days, or a Custom date range.

See About the Subcontractor Invoices Tab in the Payments Tool. 

View the Change History of an Early Pay Program

A table on the Change History tab on a program logs the program's changes to an Early Pay Program. A record is added when a user adds, updates, assigns, deactivates, or removes a program.   

See View the Change History of an Early Pay Program as a Payor.

Deactivate Early Pay Programs

When deactivating a program, Procore Pay removes all program participants. In addition, Procore projects connected to the program are also disconnected, so the program's fees are no longer applied to subsequent invoice payments. When deactivating a program to offer a new one, payees must enroll in that new program.

See Deactivate Early Pay Programs as a Payor.

Enroll in an Early Pay Program

General Contractors paying invoices with Procore Pay can create an Early Pay Program and assign it to a Procore project. They also define whether a payee is eligible to participate in their program. If you are eligible for participation, payees can review the program's details and opt-in to the program when accepting a Procore Pay agreement.  See Review and Accept a Pending Procore Pay Agreement as a Payee.

Review and Manage Early Pay Program Enrollments

Once enrolled, the program terms go into effect on future invoices. Click the Manage button to view and manage your enrollment settings for a specific program. You can opt out of an Early Pay Program at any time. See Review and Manage Early Pay Enrollments as a Payee.

Example

This is an example of the Available Early Pay Enrollments card in the Early Pay tab of Payments. 

What is an Early Pay Program?

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.