Set a Default Funding Account as a Payor
Objective
To set the default funding account for Procore Pay as a Payments Admin.
Background
With Procore Pay, your company's Payments Admin can add one or multiple funding accounts in the payor environment. A funding account is the bank account from which the drawdown funding is requested to pay a disbursement. A company can have multiple funding accounts. A company can designate one (1) of those accounts to be your company's default funding account for new disbursements. A Payments Admin can designate a different account to be the default account at any time.
Things to Consider
- Required User Permissions
- Additional Information:
- Accounts must be in the 'Verified' status to be set as the default funding account.
- The first funding account that you add to the Payments tool is automatically set as the default funding account after verification is successful.
- Before you can deactivate a default funding account, you must use the steps below to designate another account as the default account.
Prerequisites
Steps
- Navigate to the Company level Payments tool.
- Click the Payments Settings icon.
This opens the Payments Settings page. The Funding Accounts tab is active by default. - Locate the bank account to designate as your company's default funding account.
- Click the Overflow menu and choose Set as Default Funding Account.
The account is marked Default and moves to the top of the Funding Accounts list.
Tip
Can I deactivate our default account at a later time? No. The default account cannot be deactivated in Procore. To deactivate an account, you must first remove the account's default designation by assigning it to a different account. See Deactivate Funding Accounts.