About Procore Payment Services, Inc. and Money Transmission Services
Table of Contents
Overview
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.Procore Payment Services, Inc. is a Money Service Business (MSB) implemented by Procore to enhance the delivery of Procore Pay payments. It provides value and benefits to Procore Pay customers by securing the necessary regulatory approvals for legal money transmission on behalf of Procore Pay customers in licensed states. Money Transmitter Licenses (MTLs) are essential for legal operation and mandate that Procore Payment Services, Inc. secure all necessary approvals when conducting money transmission activities.
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).
Considerations
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.When utilizing Procore Pay with Procore Payment Services, Inc. , please keep the following key points in mind:
- Legal and Regulatory Information. For detailed service terms, state licenses, and solution terms related to Procore Payment Services, Inc., please visit: www.procore.com/legal/pay.
- Know Your Business (KYB) and Know Your Customer (KYC) Compliance. For business and identity verification and adherence to regulations, Procore Pay is obligated to collect relevant business ownership information. For further details, see Why does Procore Pay collect business ownership details?
- Verification Accuracy. To ensure successful verification, all information entered must precisely match the details provided on official legal documents. For more information on how Procore Pay handles sensitive data, see How does Procore Pay collect, secure, and verify sensitive information?
- Payments cannot be stopped once a disbursement is authorized. To learn more, see Can I stop Procore Pay payment processing once it starts? For information about the authorization process, see Create Disbursements.
Note
To report suspicious activity or payment fraud, Contact Support.Details
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.To enable Procore Pay with Procore Payment Services, Inc. , it needs to be activated by Procore. To do this, you'll meet with an Implementation Project Manager and a representative from Procore's dedicated Payment Operations team to provide your essential business details. Once activated, your team can begin adding their funding accounts and beneficiaries' accounts, establishing secure connections for financial transactions.
For a step-by-step guide for the Procore Pay implementation process, see Enable Procore Pay as a Payor.
Key Features
To begin adding business entities and streamlining your invoice payments when using Procore Pay with Procore Payment Services, Inc., your company's Payments Admin will use these key pages: Business Information, Beneficial Owners, and Business Controllers.
Business Information
The Business Information section requires you to input the legal details of your company, ensuring accuracy for verification purposes. This includes the official legal name, 'Doing Business As' name (if applicable), primary street address, and other essential contact information. You'll also specify the business's legal structure (Corporation, LLC, or Partnership), state and country of incorporation, and Employer Identification Number (EIN). Precise matches to legal documents are crucial to proceed smoothly through the verification process, which upholds regulatory compliance and ensures the secure operation of Procore Payment Services, Inc.
Business Controllers
Business Controllers are individuals with significant responsibility for managing the business. You'll need to input their legal names, titles, dates of birth, Social Security Numbers, and contact information. If a controller also owns at least 10% of the business, they should be identified as a business controller. Residential addresses and contact details are necessary for verification. Accurate and consistent information, matching legal documents, is also critical for compliance with Know Your Customer (KYC) regulations and to ensure the secure functioning of Procore Payment Services, Inc.
Beneficial Owners
Beneficial Owners are individuals who directly or indirectly own a significant portion of the business or exercise substantial control over the business. In this section, you'll provide their legal first and last names, titles, dates of birth, Social Security Numbers, and the exact percentage of ownership. Residential addresses and contact details are also required. The information provided must align precisely with legal documentation to facilitate accurate verification. This step is essential for complying with Know Your Customer (KYC) regulations and maintaining the integrity of the Procore Payment Services, Inc. platform.
Questions
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.More
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.