What are the different types of bank accounts in Procore Pay?

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flag-us.png Procore Pay 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 functionality in the Procore web application to handle the payment process between general and specialty contractors.

Answer

With Procore Pay, payors and payees require different types of bank accounts to send and receive payments. See How do funds flow between bank accounts with Procore Pay?

Important icon Important

In Procore Pay, all bank accounts must be verified to send or receive payments. See What is a verified bank account in Procore Pay?

This table details the different types of required bank accounts for Procore Pay.

Account Type

Account Owner

Description

Notes

Learn More

Funding Account

Payor

In Procore Pay, a funding account is a bank account where money is held by a financial institution and controlled by the payor. This is the 'Pay From' account.

How does it work? After the account owner authorizes the disbursement in Procore Pay, the financial institution for the deposit account:

  • Submits a 'drawdown' request to the funding account for the disbursement amount.

  • Withdraws the disbursement amount from the funding account. This is the 'drawdown of funds.'

  • This is a bank account that you open with your financial institution.

  • You can add one (1) or more funding accounts.

  • A funding account must be mapped to a deposit account.

Add Funding Accounts as a Payor

Deposit Account

Payor

In Procore Pay, a deposit account is a bank account where money is held by a financial institution to process the payor's authorized transactions. This is the transaction banking account.

How does it work? After the drawdown of funds, the deposit account:

  • Transmits the authorized disbursement amount into the deposit account to complete the 'drawdown of funds.'

  • Processes the authorized payment orders for each invoice in the disbursement.

  • Withdraws each invoice payment from the deposit account.

  • You must open at least one (1) deposit account during the Procore Pay implementation process.

  • At least one (1) deposit account is required to add a funding account to Procore

  • You can open one (1) or more deposit accounts.

Open a Deposit Account as a Payor Add Funding Accounts as a Payor

Beneficiary Account

Payee

In Procore Pay, a beneficiary account is a bank account where money is held by a financial institution and controlled by the payee. This is the 'Pay To' bank account.

How does it work? After the invoice payment is withdrawn from the deposit account, each payee on the disbursement:

  • Receives their invoice payment as a deposit in their beneficiary account.

  • This is the payee's invoice payment that completes the payment transaction.

  • For payees, a beneficiary account is termed a bank account.

  • For payors, it is termed a beneficiary account.

  • Payees can add multiple beneficiary accounts to their Procore account.

  • Payees can only designate one (1) bank account to receive payments.

Add a Bank Account as a Payee Edit a Bank Account as a Payee

See Also