How do funds flow?
Only a Payments Admin or a Payments Disburser can Create Disbursements in Procore Pay. Once authorized, a disbursement initiates these actions depending on your service. Payors can choose one (1) of these services:
Procore Pay with Procore Payment Services, Inc.'s Money Transmission Services
Click here to view the funds flow.
A drawdown request is sent from Procore Payment Services, Inc.’s (PPS) For Benefit Of (FBO) account to initiate a drawdown of disbursement funds from the payor's funding account.
PPS executes the wire transfer from the payor's funding account to the PPS FBO account.
The PPS FBO account executes the payment orders in the disbursement.
The individual payments in the disbursement are sent to the payee's bank accounts (a.k.a., the beneficiary accounts in the payor environment).
Procore Pay with Goldman Sachs Transaction Banking (TxB)
Click here to view the funds flow.
A drawdown request is sent from the deposit account* to initiate a drawdown of disbursement funds from the payor's funding account.
The financial institution executes the wire transfer from the payor's funding account into the payor's deposit account.
The deposit account executes the payment orders in the disbursement.
The individual payments in the disbursement are sent to the payee's bank accounts (a.k.a., the beneficiary accounts in the payor environment).
This table details the difference between a funding account and a deposit account:
Account Type | Definition | Purpose | Learn More |
|---|---|---|---|
Funding Account | A bank account used as the source to withdraw funds for disbursements. | Holds the payor's funds and releases them to the Deposit Account. | What are the different types of bank accounts in Procore Pay? |
Deposit Account * | Procore Pay initiates a reverse wire from the deposit account to transfer the funds for a disbursement from the funding account to the deposit account. | Receives the withdrawn funds to process and execute the payment orders for a disbursement's subcontractor invoices. |
* Procore is a financial technology company, not a bank. Banking services provided by Goldman Sachs Bank USA, a member of the Federal Reserve System and member FDIC. Additional Goldman Sachs Bank USA services may be accessed on its Transaction Banking online platform by visiting https://txb.gs.com/cx/login. Goldman Sachs accounts and services are subject to its terms and conditions.
TipNeed multiple deposit accounts? Need multiple deposit accounts? To avoid commingling funds and streamline reconciliation, you can open additional deposit accounts during or after Procore Pay implementation. Submit your request to Procore's Payment Operations team.
Need multiple deposit accounts? Need multiple deposit accounts? To avoid commingling funds and streamline reconciliation, you can open additional deposit accounts during or after Procore Pay implementation. Submit your request to Procore's Payment Operations team.
Procore Pay with Commerce Bank
Click here to view the funds flow.
A drawdown request is sent from the deposit account* to initiate a drawdown of disbursement funds from the payor's funding account.
The financial institution executes the wire transfer from the payor's funding account into the payor's deposit account.
The deposit account executes the payment orders in the disbursement.
The individual payments in the disbursement are sent to the payee's bank accounts (a.k.a., the beneficiary accounts in the payor environment).
This table details the difference between a funding account and a deposit account:
Account Type | Definition | Purpose | Learn More |
|---|---|---|---|
Funding Account | A bank account used as the source to withdraw funds for disbursements. | Holds the payor's funds and releases them to the Deposit Account. | What are the different types of bank accounts in Procore Pay? |
Deposit Account * | Procore Pay initiates a reverse wire from the deposit account to transfer the funds for a disbursement from the funding account to the deposit account. | Receives the withdrawn funds to process and execute the payment orders for a disbursement's subcontractor invoices. |
* Procore is a financial technology company, not a bank. Banking services provided by Commerce Bank, an FDIC-insured Missouri bank and trust. Commerce Bank accounts and services are subject to its terms and conditions.
TipNeed multiple deposit accounts? Need multiple deposit accounts? To avoid commingling funds and streamline reconciliation, you can open additional deposit accounts during or after Procore Pay implementation. Submit your request to Procore's Payment Operations team.
Need multiple deposit accounts? Need multiple deposit accounts? To avoid commingling funds and streamline reconciliation, you can open additional deposit accounts during or after Procore Pay implementation. Submit your request to Procore's Payment Operations team.
See Also