Add Funding Accounts as a Payor
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.
Things to Consider
Prerequisites
Steps
Add Funding Accounts
- Navigate to the Company level Payments tool.
- Click the Payments Settings icon.
This opens the Payments Settings page. The 'Funding Accounts' page in the 'Payments Processing' tab is active by default. - Click Add Funding Account.
- In the Add Funding Account prompt:
- Under Deposit Account, select the deposit account from the drop-down list. See What are the different types of bank accounts in Procore Pay?
- 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. - 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 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 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.
- 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.
- 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.
- At the Procore Partners with Modern Treasury to Verify Your Identity prompt, click Get Started.
- 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.
- Click Continue.
- 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)
- Click Continue.
- 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.
- Account Type. Click Checking or Savings.
- 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?