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Procore

What are the default drawdown statuses in Procore Pay?

 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 disbursement is the action of paying out money from a fund. In Procore Pay, a disbursement withdraws funds from a general contractor's funding account and transmits them to the general contractor's deposit account. Payment orders are then issued to withdraw funds from the deposit account to pay invoices. 

Answer

A Fedwire Drawdown is a drawdown request that authorizes the deposit account (see How do funds flow between bank accounts with Procore Pay?) to withdraw funds from a payor's funding account to pay the disbursement. When viewing the details of a disbursement in the Company level Payments tool, you can see the Drawdown Status for the disbursement.

drawdown-status.png

Drawdown Status

This table details Procore's default statuses for disbursements. To learn more, see Create Disbursements.

Status Definition
Draft The disbursement was saved in the 'Draft' status.
Funding Requested The drawdown request for funding the disbursement is complete.
Funding Failed The drawdown request for funding the disbursement has failed. 
Funding Completed The drawdown for the disbursement is complete.