Procore launches payment service
Abstract
California-based construction software firm Procore has announced a new payment service for contractors, Procore Pay, in partnership with Goldman Sachs Transaction Banking. The new service aims to reduce payment friction with expedited invoice review and payment options. The company also unveiled two other new services in preconstruction and analytics at its annual Groundbreak conference in New Orleans. Procore CEO Tooey Courtemanche cited the cumbersome process that contractors often face. The construction industry reported $208 billion in losses due to late payments in 2022. The service is expected to launch in 2023. The company reported $200 million in losses in 2012. The services are expected to be launched in 20th year of this year and will launch in the next five years.
