Approve a Beneficiary Bank Account as a Payor

Objective

To approve a payee's beneficiary account as a Payments Admin or Payments Beneficiary Approver so they can receive payments from Procore Pay. 

Background

After your beneficiary company adds a bank account, a Payments Admin or Payments Beneficiary Approver must approve it. Approving a beneficiary account provides payees with the ability to receive payments to the correct account. 

Things to Consider

• Required User Permissions
• Additional Information:
  • Payors receive an email notification when beneficiary accounts are awaiting review and approval. For details about the email and recipients, see When does Procore Pay send email notifications?
  • A beneficiary's bank account only needs to be approved once to make payments to it.
  • If the beneficiary company changes its bank account, you will need to approve the new bank account information.
  • You can only approve beneficiary bank accounts or leave them in a 'Needs Review' status. You cannot reject a bank account.
  • You cannot currently change the status of an approved bank account.
  • Bank accounts that need review will show first in the list order.

Prerequisites

• The payee must complete the steps in Add a Bank Account as a Payee. 

Steps

1. Navigate to the Company level Payments tool. 
2. Click the Beneficiaries tab.
3. Locate the beneficiary and click Manage.
4. Review the beneficiary's information for accuracy:
   • Directory Record. Shows the beneficiary's information in the company record of the Directory tool. See Add a Company to the Company Directory.
   • Company Profile. Shows the beneficiary's profile information as the beneficiary submitted it. See Set Up Procore Pay as a Payee.
   • Bank Account. This is the bank account number for payments submitted by the beneficiary. 

      Note

     What if the information in the Directory Record and Company Record are different? If the information submitted by the beneficiary is different from the information in the Directory tool, Procore recommends contacting the beneficiary to determine if your Procore Administrator needs to make an address change in their company record. To learn more, see Edit a Company in the Company Directory.
5. If the information is correct, click Approve for Payment.

This sets the account's status to 'Approved', enabling it to receive payments through Procore Pay.

Next Step

• Create Disbursements

See Also

• Manage Procore Pay Bank Accounts