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Procore

View 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 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.

Objectives

To view a list of the funding accounts in the Company level Payments tool as a Payments Admin for a payor. 

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
  • Identity verification for Procore Pay is done using a commercially available database/registry of bank account information. Procore Pay stores only the Account Nickname, Bank ID, and Next Check Number as entered by your Payments Admin. This provides Payments Disbursers with a method to visually identify the correct account to use to transmit payments with Goldman Sachs TxB. Identifying bank account information is never entered nor is it stored in Procore Pay or any other Procore product. 
  • Identity 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

  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 tab is active by default.

    view-funding-accounts.png

Funding Accounts Table

The table below details the elements for each account entry in the Funding Accounts table. 

Element Type Description Learn more...
Add Funding Account Button A Payments Admin clicks this button to add a new funding account.  Add Funding Accounts as a Payor
Account Nickname Field A Payments Admin enters the account nickname when linking an account. The nickname allows Payment Disbursers to identify an account when creating disbursements. It also protects your financial privacy by eliminating the need to provide disbursers with the full bank account number.   Add Funding Accounts as a Payor
Verification Status Field Shows the current verification status of the account. Procore Pay is powered by Modern Treasury with payments provided by Goldman Sachs TxB. Verification occurs after a Payments Admin links an account.  Add Funding Accounts as a Payor

What are the default verification statuses for bank accounts in Procore Pay?
Bank ID Field A Payments Admin enters a unique Bank ID portion to be part of the unique check number issued to the next invoice payout from this account. A payout is an invoice payment in a disbursement.  Add Funding Accounts as a Payor
Next Check No.  Field A Payments Admin enters a unique Next Check No to be part of the unique check number issued to the next invoice payout from this account. A payout is an invoice payment in a disbursement.  Add Funding Accounts as a Payor
Default Field Indicates the account is the default withdrawal account for Procore Pay in the payor environment.  Set a Default Funding Account as a Payor
Deactivated Field Indicates the account has been deactivated.  Deactivate Funding Accounts as a Payor
Overflow Menu Click the vertical ellipsis and choose one of the menu options. The available options in this menu are: Edit, Set as Default Funding Account, and Deactivate. On the Default account, only Edit and Deactivate are available. On a Deactivated account, only Edit is available. Manage Bank Accounts