Add a Bank Account as a Payee

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. 

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

• A payor sent you an email invite. See Accept a Procore Pay Invitation as a Payee
  OR
• You requested to be paid with Procore Pay. See Set Up Procore Pay as a Payee.

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  icon.
4. Click External Bank Accounts.
5. Click Add External Account.
6. If prompted, re-enter the Account Number for the current default bank account. Then click Next.
7. Enter your company's Business Details.
   • Business Name on Bank Account. Your company's name as it appears on your bank account.
   • Doing Business As. The name your company does business as. This may be the same or different than your legal business name.
   • Business EIN. 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)
   • Street Address. Your company's street address. 
   • City. Your company's city. 
   • State. Your company's valid state or territory abbreviation. 
   • ZIP Code. Your company's valid ZIP code. 
   • Phone Number. Your company's telephone number with an area code. 
8. Click Next. 
9. Enter your company's Bank Information.
   • Bank Nickname. A unique nickname for your company's 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. 
   • Account Number. Your company's bank account number. Account numbers can be up to 17 digits. 
   • Re-Enter Account Number. Your company's bank account number. Account numbers can be up to 17 digits. 
   • Routing Number. Your company's bank account's nine (9) digit American Banking Association (ABA) routing transit number. It is typically printed on the bottom of your checks.
   • Account Type. Click Checking or Savings. 
10. Read the Terms and Conditions.
11. Mark the checkbox confirming that you read and accept Procore's 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.
12. Click Submit.

Next Step

1. Under 'External Bank Accounts,' look at the verification status. 
   • Pending Verification - Follow steps to Upload Bank Verification Documentation.
   • Verified - The payor must approve your bank account. See Approve a Beneficiary Bank Account as a Payor. 

See Also

• Edit a Bank Account as a Payee
• Deactivate a Bank Account as a Payee