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What is a Payments Beneficiary Approver?

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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.

Answer

In Procore Pay, a Payments Beneficiary Approver is a user who has been granted permission to approve and manage beneficiary accounts in the Company level Payments tool. Approving a beneficiary account provides payees with the ability to receive payments. 

To learn more about the Payments Beneficiary Approver role:

What is a beneficiary account?

In Procore Pay, a beneficiary account is a bank account where money is held by a financial institution and controlled by the payee. This is the 'Pay To' bank account. 

How are beneficiary accounts added to Procore Pay?

When using Procore Pay to pay subcontractor invoices, it's recommended that an invoice administrator invite the invoice contact on a commitment to join Procore Pay. Once invited, the invoice contact can then link their bank account and complete the account verification process to receive invoice payments. The account that the payee links to Procore Pay is called a beneficiary account in the Payments tool. 

An alternative method for inviting payees to join Procore Pay is also available in the Beneficiaries tab of the Payments tool. With this method, a Payments Admin or Payments Beneficiary Approver invites company contacts to set up Procore Pay and add beneficiary accounts. 

After adding a beneficiary account, a Payments Admin or a Payments Beneficiary Approver for the payor must approve the account. Later, as part of the subcontractor invoice process, invoice administrators can invite downstream invoice contacts to submit their invoices in Procore using the Commitments tool.

How is the Payments Beneficiary Approver role assigned to Procore users? 

There are two (2) steps:

  1. Mark the user as an employee in the Company Directory. See How do I add someone as an employee of my company? 
  2. Add the user as an approver. See Add a Payments Beneficiary Approver as a Payor. 

What additional permissions do Beneficiary Approvers require? 

A Beneficiary Approver must be granted 'Read Only' level permissions or higher on the Company level Directory tool. 

Do Payments Beneficiary Approvers require Multi-Factor Authentication (MFA)?

Yes. Users in this role are required verify their identities before gaining access to Procore Pay and before performing sensitive transactions. To learn more, see Why is MFA mandatory for Procore Pay and how does it work?

Who can be a Payments Beneficiary Approver?

Any Procore user, except a Payments Admin or Payments Disburser, can be granted the Payments Beneficiary Approver role. 

Who are my company's Payments Beneficiary Approvers? 

As a general contractor using Procore Pay, ask one of your company's Payments Admins about your Payment Beneficiary Approvers. Your Procore Administrator can identify the admins for your team by adding them to the 'Project Team' section on each project's Home page. For details, see Add the Project Team to the Project Home Page. 

See Also