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What are the default drawdown statuses in Procore Pay?

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 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
funding-requested.png The drawdown request for funding the disbursement is complete.
funding-failed.png The drawdown request for funding the disbursement has failed. 
completed.png The drawdown for the disbursement is complete.

See Also