What’s New in Procore Pay
Invite Subcontractors to Receive Payments
You can directly invite your Subcontractors to receive Payments through Procore Pay! To get started, go to any Procore Pay-enabled commitment or related invoice. From there, you will see a banner that enables you to send an invite to a trusted invoice contact. Click the Invite to Procore Pay button to select a contact and send an invite.
Your Subcontractor will receive an email prompting them to create an account that represents their business. Once they have confirmed their company information, they will be directed to enter their banking information.
Subcontractors Can Now Reassign Waivers
Your Subcontractors now have the ability to share waivers they need to sign with others in their company, helping you get your waivers signed by the right people and returned more quickly. They can take action by simply following a link in the waiver request email or by using the Reassign button in Procore to send the waiver to anyone at their company, including people who aren’t in your Company Directory.
To learn more, see Share Lien Waiver Signature Authority.
Collect Subtier Waivers
We’re excited to announce that Procore Pay now supports subtier waiver collection. With this feature, you’re able to require subtier waiver collection on a project by project basis and configure whether you collect conditional waivers, unconditional waivers, or both. Your Subcontractors will be required to add their subtiers during invoice submission, and those subtiers will carry forward from invoice to invoice until they’re marked “Final”. For all subtier waivers that your Subcontractors upload, you’ll have the option to approve or request a revision. Once all required subtier waivers are approved, that invoice’s subtier waiver Payment Requirement is considered met.
Configure Your Payment Requirements as Hard Stops
The original version of Payment Requirements always allowed a payment disburser to override any requirement to account for all the extenuating circumstances some Subcontractors find themselves in. Based on feedback from customers that they’d like to enforce a strict policy on some of the payment requirements, we’ve updated how you can configure your company’s Payment Requirements. You can now set a particular requirement to “Prevent Payment” if it hasn’t been met, a favorite of which is the newly available “Manual Holds” option.
Designate Someone to Approve Subcontractors for Payment
Payment Admins can now designate someone to approve Beneficiaries (Subcontractors) for Payments. With the new Payments Beneficiary Approver role, you can ensure separation of duties between employees who approve where payment is sent versus those who issue payments. Beneficiary Approvers can be added via the Payments Permissions page.
To learn more, see Add a Payments Beneficiary Approver as a Payor.
Use Procore Pay for All Your Businesses
If your organization operates multiple businesses, you can now use Procore Pay for all your payments. Procore Pay now supports the use of multiple Goldman Sachs accounts. This feature enables your organization to keep payment transactions separate across all business entities and joint ventures your company may operate.
If you need to open additional Goldman Sachs accounts, please reach out to our Payment Operations team via email at pay-support@procorepay.com. Additional information is available at Open a Deposit Account for Procore Pay as a Payor.