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Procore

Add Funding Accounts as a Payor

 General Availability in Select Markets (United States)
flag-us.png Procore Pay icon-external-link.png with payments powered by Goldman Sachs Transaction Banking (TxB)* 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.
 Requires Multi-Factor Authentication
To help safeguard your financial operations, the user performing this sensitive transaction is required to authenticate their identity using Multi-Factor Authentication (MFA). See What is MFA and why does Procore Pay require it?

Objective

To add a funding account for a payor in Procore Pay as a Payments Admin

Background

To create disbursements that pay invoices with Procore Pay, a Payments Admin must add at least one (1) funding account to the Company level Payments tool. After adding the account, it must be verified before it can be used to fund disbursements. A Payments Admin can add more than one (1) funding account to Procore Pay. However, a disbursement can only have one (1) default funding account. Before you can add a funding account, you must also open at least one (1) deposit account

 Important
  • Account verification for Procore Pay is done using a commercially available database/registry of bank account information. Procore Pay stores only the account's Nickname, Bank ID, and Next Check Number entered by your Payments Admin. This provides Payments Disbursers with a method to identify the correct account for transmitting payments. Identifying bank account information is never entered nor stored in Procore Pay or any other Procore product.
  • Account verification is done by an embedded software platform that provides Procore Pay users with an integrated money movement solution with payments powered by Goldman Sachs TxB.

Things to Consider

Steps

Add Funding Accounts

  1. Navigate to the Company level Payments tool.
  2. Click the Payments Settings icons-settings-gear.png icon.
    This opens the Payments Settings page. The 'Funding Accounts' page in the 'Payments Processing' tab is active by default. 
  3. Click Add Funding Account.
  4. In the Add Funding Account prompt:
    1. Under Deposit Account, select the deposit account from the drop-down list. See What are the different types of bank accounts in Procore Pay?
    2. Under Account Nickname, enter a unique Nickname * for the account.
       Tip
      Why does an account need a nickname? Bank accounts require a nickname to help users visually identify the account to select when creating a disbursement. It also helps to protect the privacy of your account.  
    3. Under Check Number:
      A check number provides each Procore payout with a unique identification number for the account. This provides Payments Admins and Payments Disbursers with a reference number to use to identify individual payouts when they Manage Disbursements
       Important
      For companies using the icon-erp-synced2.png ERP Integrations tool: The 'Check Number' and 'Bank ID' combination that you enter here is exported to your integrated ERP system after Procore Pay processes an invoice payment in a disbursement. 
      • Bank ID*. Enter a bank identifier. Procore uses the bank ID as a prefix for the check number on payments. You can change this number at any time. However, any new changes only impact new check numbers. 
         Important
        For companies using the icon-erp-synced2.png ERP Integrations tool: The bank identifier must match your funding account's 'Bank ID' in your integrated ERP system. 
      • Next Check Number*. Enter the check number to use on the next payment from this account. See How does Procore assign numbers to disbursement payouts?
      • Preview. Verify that the 'Bank ID' and 'Next Check Number' are correct. 
  5. Click Continue
    This launches the Modern Treasury identity verification steps. 

Get Started with Identity Verification

To protect your company's personal and financial information, identity verification is powered by Modern Treasury. 

  1. At the Procore Partners with Modern Treasury to Verify Your Identity prompt, click Get Started
  2. In Business Details:
    • Company Name. Enter your company's name. 
    • Address 1*. Enter your company's street address. 
    • Optional. Address 2. Enter your company's 
    • City. Enter the city. 
    • State. Enter a valid state or territory abbreviation. 
    • ZIP Code. Enter a valid ZIP code. 
    • Phone Number. Enter a telephone number with an area code. 
    • Optional. Website. Enter your company's primary website URL. 
  3. Click Continue.
  4. In Taxpayer Identification Number, enter your ten-digit Business EIN for the Internal Revenue Service (IRS). 
     Notes

    Your Business EIN must be a valid Taxpayer Identification Number for the IRS. This information is used by Modern Treasury to verify the identity of the account linked to Procore Pay. Acceptable entry options include these numbers:  

    • Social Security Number (SSN)
    • Individual Taxpayer Identification Number (ITIN)
    • Employer Identification Number (EIN)
  5. Click Continue
  6. On the Bank Account Details page:
    • Account Type. Click Checking or Savings
       Note
      The following information is typically printed at the bottom of your checks. To learn more about finding this information, see Where do I find my routing and account number?
    • Account Number. This is your bank account number. Account numbers can be up to 17 digits. 
    • Routing Number. This is your account's nine (9) digit American Banking Association (ABA) routing transit number. It is typically printed on the bottom of your checks. 
  7. On the Congratulations page, click Complete to start the verification process.
    The account is listed on the Funding Accounts page in the Pending status. Payments Disbursers can create disbursements to send invoice payments when the account is in the 'Verified' status. See What are the default verification statuses for bank accounts in Procore Pay?

See Also