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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  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 the funding accounts for a 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

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. This page lists all of your company's business entities that have been configured to pay invoices.
  3. For each business entity, click the funding account(s) link to view the account information.
    funding-account-link.png

Funding Accounts Table

The table below details the elements for the Funding Accounts table. Verified funding accounts can receive drawdown requests when creating disbursements.

Element Type Description Learn more...
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. 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 Business Entities as a Payor