The application is being sold to a "select group" of general contractors, according to Geoff Lewis, VP of product management. During the construction company's recent Investors' Day, Lewis also said Procore has decided to use two pricing methods because of the desires of different parts of the market. Lewis said a Procore survey found that mid-market and small contractors want the standard pricing model, through which the general contractor pays an annual SaaS fee based on annual construction volume. That method has a larger upfront ARR but a lower usage fee. Enterprise GCs prefer a smaller SaaS fee based on annual construction volume, but higher usage fees. Lewis said the payments app will mean all subcontractors must create a Procore Network account linked to a bank account. That means the Network will broaden Procore's points of contact with subcontractors because the Network "becomes the place they get paid." Lewis did not specify when Pay will become generally available.
Estimated reading time: 0 minutes, 51 seconds
PROCORE PAY INTRODUCED Featured
Procore Technologies has introduced Procore Pay, which enables general contractors to pay subcontractors.