Overview
Procore Pay supports a partial payment process between its payors and payees. It provides greater transparency and efficiency for both parties by including the ability to update invoice payment amounts when creating new disbursements and editing Draft disbursements.
Benefits for General Contractors (a.k.a., Payors)
Pay simplifies the partial payment process, reducing your administrative burden.
This feature helps to minimize potential disputes related to payment accuracy and timing by allowing precise payment adjustments before disbursement.
The ability to update invoice amounts facilitates better management of retainage release.
It also helps avoid potential lien situations by enabling accurate partial payments as needed.
Benefits for Specialty Contractors (a.k.a., Payees)
Pay provides a standardized platform that helps ensure your work is accurately reflected in payment applications.
This facilitates clear communication and accurate documentation throughout the payment process.
The system helps ensure timely partial payments by allowing general contractors to disburse accurate amounts.
This reduces the risk of payment delays and disputes.
With Procore Pay's partial payment capabilities, both parties can easily manage and track payments with greater precision. This reduces the likelihood of payment-related disputes, promotes positive working relationships, and contributes to the overall success of construction projects by ensuring prompt and accurate payments.