About the Early Pay Programs Tab in the Payments Tool (Beta)
In BetaThis content is for participants of Procore Pay Early Pay Beta Program.
This content is for participants of Procore Pay Early Pay Beta Program.
Objective
To learn about the features and controls in the Early Pay Programs tab of the Company Payments tool.
Background
With Early Pay Programs, the payor offers early invoice payments to trade partners. In exchange for early payment, the trade partner accepts a discount on their invoice This helps to generate additional revenue for payors. For payees, accepting discounts in exchange for early invoice payments helps ensure financial stability, improve supply chain health, and achieve success with consistent cash flow. A Payment Admin for the payor can manage the Early Pay Program in-house, using the Early Pay Programs tab in the Company level Payments tool.
Things to Consider
Additional Information:
Prerequisites
Contact your Procore point of contact to request to enable Early Pay Programs on the payor's account.
Once enabled, follow the steps in Enable Procore Pay as a Payor.
Steps
Navigate to the Company level Payments tool.
The Subcontractor Invoices tab is active by default.Click Early Pay Programs.
The tab lists all of your company's Early Pay Programs.
Program Cards
Each program has a card with these elements.
Element | Type | Description |
|---|---|---|
Active | Status | Shows the current status of the Early Pay Program in Procore Pay: Active or Inactive |
Standard Fee | Percentage | Shows the program's percentage rate for standard participants. See Manage Participation and Discount Rates for Early Pay Programs as a Payor. |
Preferred Fee | Percentage | Shows the program's percentage rate for preferred participants. See Manage Participation and Discount Rates for Early Pay Programs as a Payor. |
Due Date | Date | Shows the rules/configurations to determine the early payment due date. Dates are set based on each program's 'Due Date Method'. To learn more, see Create Early Pay Programs as a Payor. |
Manage | Button | Authorized users can click this button to manage the program. See Manage Early Pay Programs as a Payor. |