About the Payments Tool

 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.

Objective

To learn about the basic features of the Company Payments tool for Procore Pay.

Background

Procore Pay provides your company's Payment Admins and Payments Disbursers with the tools they need to manage all aspects of the invoice payment process between the payor and its payees. The Company Payments tool works with Procore icon-external-link.png Invoice Management to reduce payment friction, automate the exchange of lien waivers, and ensure that all your outgoing invoice payments satisfy your organization's payment requirements. 

payments-tool-overview.png

Things to Consider

Prerequisites

Video

 

Key Features

The Payments tool contains these features: 

Payments Settings Page

Users with the required user permissions can click the Configure Settings icons-settings-gear.png icon to open the Payments Settings page. This page has two tabs: Payment Processing & Payment Requirements. Each tab contains all the settings you need to configure Procore Pay for your company's Procore account.

payment-settings-with-business-entities.png

To learn more, see About the Payment Settings. 

Subcontractor Invoices Tab

Company Admins, Payment Admins, and Disbursers can use the table in the Subcontractor Invoices tab to view a list of all the invoices on the active, Pay-enabled projects in your company's Procore account. From this tab, Payments Disbursers or Payment Admins can track your payment requirements, view any manual holds applied to the invoice, and click links to launch the invoice in the Invoice Management tools. For each invoice, you can also view the Beneficiary Name, Project, Payment Requirements, and other billing information. You can also search the data table for a specific invoice, apply filters, and group line items. Only Payments Disbursers can create disbursements. 

To learn more, see About the Subcontractor Invoices Tab in the Payments Tool. 

Disbursements Tab

Payments Admins or Payments Disbursers use the options in the Disbursements tab to create and manage disbursements. On this tab, you can apply filters to the table to narrow down the disbursements to show only those that meet your criteria in the list. The table also provides important information about each disbursement, such as the Disbursement No. (which is assigned to the disbursement at creation), the bank account used to fund the disbursement, the amount of the disbursement, and the date and time it was created. To view a disbursement in more detail, click its Disbursement No. link. 

payments-disbursements-columns-plus-workflow-status.png

To learn more, see About the Disbursements Tab in the Payments Tool. 

Beneficiaries Tab

Payment Admins can view all the beneficiaries grouped by onboarding status. Beneficiaries are the payees—contractors, subcontractors, vendors—who will be paid for invoiced work. Payment Admins must also review and approve new payees and any new bank accounts that payees add.

tab-beneficiaries.png

To learn more, see About the Beneficiaries Tab in the Payments Tool.

Beta  Early Pay Programs tab

Payments Admins can manage the Early Pay Program in-house, using the Early Pay Programs tab in the Company level Payments tool. See About Early Pay Programs.

tab-early-pay-programs.png

To learn more, see About the Early Pay Programs Tab in the Payments Tool.

See Also