About the Beneficiaries Tab in the Payments Tool
Objective
To learn about the basic features and controls in the Beneficiaries tab of the Company Payments tool.
Background
Payments Admins and Payments Beneficiary Approvers can use the controls in the Beneficiaries tab to approve your payee's beneficiary accounts and check the operational status of those accounts. In Procore Pay, a beneficiary is a downstream collaborator who has completed the steps to link their bank account to Procore Pay to receive invoice payments.
Things to Consider
Prerequisites
Key Features
Beneficiaries Table
The table in the Beneficiaries tab lets Payments Admins and Payments Beneficiary Approvers manage your payee's beneficiary accounts.
Table Elements
This table details the default columns.
Column | Description | Learn More | |
---|---|---|---|
Manage | Button | Click this button to open the company's bank account page. The cards in this page include:
|
Approve a Beneficiary Bank Account as a Payor |
Beneficiary Name | Field | Shows the name of the payee. This corresponds to the 'Contract Company' on the invoice's commitment contract. To change the company name, edit the Name field under the company's account profile in the Company level Directory tool. | Edit a Company in the Company Directory |
Beneficiary Bank Account | Field | Shows the beneficiary bank account. | Add a Bank Account as a Payee |
Beneficiary Bank Account Status | Field | Shows the payee's onboarding status to Procore Pay. | What are the default statuses for Procore Pay onboarding? |
Table Groups
This table details the groups on the Beneficiaries tab. It also shows the beneficiary account status associated with each group. To learn more, see What are the default statuses for Procore Pay onboarding?
Group | Status | Description | Next Step |
---|---|---|---|
Onboarding Complete & Needs Review | Needs Review | Indicates the payee has completed the required Procore Pay onboarding steps. The beneficiary account is awaiting the payor’s review and approval. | Approve a Beneficiary Bank Account as a Payor |
Onboarding Not Started | Invite Not Accepted | Indicates the payor has sent an invite. Procore Pay is waiting for the payee to start the onboarding process. | The payor can re-invite the user to join Procore Pay. See Invite Beneficiaries to Procore Pay. If you are a payee, see Accept a Procore Pay Invitation as a Payee. |
Onboarding Not Complete | No Bank Account | Indicates the payee has joined Procore Pay, but still needs to add their beneficiary account. | The payor can send a reminder to add a bank account. See Invite Beneficiaries to Procore Pay. If you are a payee, see Add a Bank Account as a Payee |
Ready for Payment | Approved | Indicates the payor has approved the beneficiary account. The payee is ready to accept invoice payments from the payor with Procore Pay. | If the payee has submitted invoices that are ready to pay, the payor can Create Disbursements. |