What are the default verification statuses for bank accounts in Procore Pay?

 General Availability in Select Markets (United States)

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.

 Requires Multi-Factor Authentication

To help safeguard your financial operations, the user performing this sensitive transaction is required to authenticate their identity using Multi-Factor Authentication (MFA). See Why is MFA mandatory for Procore Pay and how does it work?

Answer

Procore Pay gives companies the ability to send and receive invoice payments. To pay invoices, the payor and payee must link at least one (1) external bank account to Procore Pay. To link an account, see:

Once linked, the 'Verification Status' status pill shows the status of the identity verification process for that account. See View Funding Accounts as Payor or View Bank Accounts as a Payee.

 Important

  • Account verification for Procore Pay is done using a commercially available database/registry of bank account information. Procore Pay stores only the account's Nickname, Bank ID, and Next Check Number entered by your Payments Admin. This provides Payments Disbursers with a method to identify the correct account for transmitting payments. Identifying bank account information is never entered nor stored in Procore Pay or any other Procore product.

  • Account verification is done by an embedded software platform that provides Procore Pay users with an integrated money movement solution.

Verification Status

Once a bank account is added a status pill shows the account's Verification Status.

Examples

This is the Verification Status in the Payor environment. See View Funding Accounts as a Payor.

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This is the Verification Status in the Payee environment. See View Bank Accounts as a Payee.

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This table defines each status. To learn how Payment Admins verify accounts, see Add Funding Accounts as a Payor and Add Bank Accounts as a Payee.

Status

Definition

Verified

The verification process was successful.

Pending

The verification process is in progress. The Payment Operations will reach out within two (2) business days if additional documentation is required to complete the verification process. For assistance, contact Payment Operations.

Failed

The verification process failed because the additional documents were not received or the documents received couldn't be verified. For assistance, contact Payment Operations.

See Also

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