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Procore

Add Funding Accounts as a Payor

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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.
 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's business entity in the Company level Payments tool.

Background

To pay invoices with Procore Pay, a Payments Admin must add and verify at least one (1) funding account in the Company level Payments tool. A Payments Admin can add more than one funding account to Procore Pay. However, a disbursement can only have one (1) funding account. Before adding a funding account, your company must open at least one (1) deposit account during the implementation process. 

Things to Consider

Prerequisites

Steps

  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 'Business Entities' page in the 'Payments Processing' tab is active by default and lists the business entities that pay invoices for your company's Procore Pay software.
  3. Go to the desired business entity and click Add Funding Account.
    This opens the Add Funding Account panel.

    payment-settings-add-funding-account.png
     
  4. In the Add Funding Account panel, do the following:
    1. Nickname. Enter a unique nickname for the account. Nicknames quickly identify the bank account for disbursements while helping to protect the privacy of its account number. 
    2. Business Entity. Shows the name of the current business entity. 
    3. Account Number. Enter the full account number in this field. See Where do I find my routing and account number?
    4. Reenter Account Number. Reenter the full account number in this field. 
    5. Routing Number. Enter the routing number for this account. See Where do I find my routing and account number? 
    6. Account Type. Choose Checking or Savings. 
    7. Bank ID. Enter a bank identifier. Procore uses the bank ID as a prefix for a payment's check number. 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 the funding account's 'Bank ID' in your integrated ERP system. 
    8. Check Number. Enter a check number for the next invoice payment. This provides each check a unique identification number for this account. See How does Procore assign numbers to disbursement payouts? It also helps users who Manage Disbursements to identify transactions. 
       Important

      For companies using the icon-erp-synced2.png ERP Integrations tool:

      • After Procore Pay processes an invoice payment in a disbursement, the 'Bank ID' and 'Check Number' combination is exported to your integrated ERP system. 
      • To avoid potential ERP synchronization errors, ensure the Check Number entered is higher than the last check number in your ERP system to prevent duplication in your integrated ERP system. See How do payments made in Procore Pay sync with an integrated ERP system?
      • Preview. Verify that the 'Bank ID' and 'Next Check Number' are correct. 
  5. Click Continue. 
    This launches the account verification steps. 

Get Started with Account Verification

To protect your company's personal and financial information, verification is required. To learn more, see What is a verified bank account in Procore Pay?

  1. At the verification 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 additional address information, such as suite number or floor level.
    • 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). 
  5. Click Continue. 
  6. On the Bank Account Details page:
  7. On the Congratulations page, click Complete to start verification. 
    Procore Pay adds the funding account to the business entity and updates its status to Pending. Once Verified, the account can be used to create disbursements to send invoice payments. See What are the default verification statuses for bank accounts in Procore Pay?
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