How does Procore Payment Services, Inc., protect payor funds from co-mingling?
General Availability in Select Markets (United States)
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
Procore Payment Services (PPS) utilizes In Procore Pay, a drawdown request refers to the request to process the drawdown of funds from a payor's funding account, to transmit the funds to the payor's deposit account. This is also referred to as a Fedwire Drawdown.
Direct Bank Authorization: When a payor authorizes a disbursement, PPS, sends a unique wire request directly to your funding account.
Individual Tracking: For secure transfer of your authorized disbursement funds, your funding account's bank must confirm your funds transfer to the
.Short for Procore Payment Services Inc., For Benefit Of account. See How do funds flow between bank accounts with Procore Pay?
Dedicated Disbursement: Once confirmed, the PPS FBO Account generates a unique request for each payment order in the authorized disbursement to send each invoice payment to the appropriate beneficiary's bank account.