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Procore

Add a Bank Account as a Payee

 General Availability in Select Markets (United States)
flag-us.png Procore Pay icon-external-link.png with payments powered by Goldman Sachs Transaction Banking (TxB)* 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.
Limited Release
Free Procore accounts are currently only available in the United States and Canada.

Objective

To link a bank account for your company to receive payments from payors using Procore Pay. 

Background

With Procore Pay, a payee must add a bank account to receive payments. From the payor perspective, the payee's bank account is termed a beneficiary account

 Important
  • Account verification for Procore Pay is done using a commercially available database/registry of bank account information. Procore Pay stores only the account's Nickname, Bank ID, and Next Check Number entered by your Payments Admin. This provides Payments Disbursers with a method to identify the correct account for transmitting payments. Identifying bank account information is never entered nor stored in Procore Pay or any other Procore product.
  • Account verification is done by an embedded software platform that provides Procore Pay users with an integrated money movement solution with payments powered by Goldman Sachs TxB.

Things to Consider

  • Required User Permissions
    Note: Permissions differ based on whether your company has a free or paid Procore account. See How can I tell if I have a free or paid Procore account?
  • You can only designate one (1) bank account to receive payments per commitment.
  • If you have only one bank account linked, it will be set as your default bank account for invoice payments by default.
  • You can add multiple bank accounts to your Procore account. 

Prerequisites

Steps

  1. Navigate to your company's homepage. See How do I change companies?
  2. Navigate to the Payments tool.
  3. Click the Configure Settings icons-settings-gear.png icon.
  4. Click External Bank Accounts.
  5. Click Add External Account.
  6. Enter a unique Nickname for the bank account.
     Tip
    Why does an account need a nickname? A bank account requires a nickname to help you identify an account. It protects your financial privacy by eliminating the need to provide the payment distributors with your full account number. 
  7. Read the Terms and Conditions.
  8. Mark the checkboxes confirming that you 'Understand and agree to User Terms of Service'. 
     Note

    It's important to review the terms and conditions, which include more detail about the following:

    • Procore follows US Security and Data Governance standards to securely store your data.
    • Procore does not sell your data.
    • Fees, if incurred, are incurred upon the payment of the invoice.
  9. Click Agree & Continue.
  10. Click Continue
    This launches the Modern Treasury identity verification steps. 

Get Started with Identity Verification 

To protect your company's personal and financial information, identity verification is powered by Modern Treasury. 

  1. At the 'Procore Partners with Modern Treasury to Verify Your Identity' prompt, click Get Started
  2. Enter your 'Business Details':
    • Company Name. Enter your company's name. 
    • Address 1. Enter your company's street address. 
    • Optional. Address 2. Enter your company's 
    • City. Enter the city. 
    • State. Enter a valid state or territory abbreviation. 
    • ZIP Code. Enter a valid ZIP code. 
    • Phone Number. Enter a telephone number with an area code. 
    • Click Continue.
  3. In Taxpayer Identification Number, enter your Business EIN for the Internal Revenue Service (IRS).
     Note

    Your Business EIN must be a valid Taxpayer Identification Number for the IRS. This information is used by Modern Treasury to verify the identity of the bank account linked to Procore Pay. Acceptable entry options include these numbers:  

    • Social Security Number (SSN)
    • Individual Taxpayer Identification Number (ITIN)
    • Employer Identification Number (EIN)
  4. Click Continue
  5. On the Bank Account Details page:
     Note
    The following information is typically printed at the bottom of your checks. To learn more about finding this information, see Where do I find my routing and account number?
    • Account Type. Click Checking or Savings
    • Account Number. This is your bank account number. Account numbers can be up to 17 digits. 
    • Routing Number. This is your account's nine (9) digit American Banking Association (ABA) routing transit number. It is typically printed on the bottom of your checks. 
  6. On the Congratulations page, click Complete to start the verification process.
    If the linking process is successful, you'll see the Bank Account Successfully Linked page.
  7. Click Next
    On the Dashboard tab, your linked account is listed on the Bank Accounts card in the Pending status. To learn about the different statuses, see What are the default verification statuses for bank accounts?

Next Step

See Also