Note: This invoicing process applies to all customers who sign up with Oyster from Jan 2023 onwards. If you are an existing customer who signed up before 2023, this invoicing process will apply to you from the February 2023 invoice cycle onwards.
1. Where can I see an overview of the invoicing process?
You will be able to download the invoicing process from the invoice tab.
2. Does this invoicing process apply to contractor invoices?
No, this new process only applies to your full-time or permanent team members.
3. What happens if the pre-funding invoice is higher than the actual payroll?
The pre-funding invoice is unlikely to be higher than the actual payroll because it does not include every payroll item; for example, local severance accruals or pension contributions are not captured in the pre-funding invoice. Your monthly Oyster fee is also not included in the pre-funding invoice - it is only charged in the settlement invoice.
This means we err on the side of underestimating the pre-funding invoice so that you don’t pay more than the actual amount. In the unlikely case that we overcharge you at pre-funding, you can rest assured that a refund will be initiated at the earliest through the settlement invoice.
4. Why can’t I dispute my pre-funding invoice?
The Pre-funding invoice is non-disputable to ensure we have the funds to pay your team members on time. The Pre-funding invoice is only an estimate of payroll for the month, where we aim to undercharge rather than overcharge our customers. We will correct any deviations from the actual payroll amount through the second invoice - the Settlement invoice. You can dispute a Settlement invoice.
5. What FX rates are applied on the Pre-funding and Settlement invoice?
We apply the FX rate on the last working day of the previous month. For example, the Pre-funding invoice issued on the 11th of June will use the FX rate as of 31 May. This same FX rate is applied to the Settlement invoice for consistency.
6. We have Direct Debit setup. Does this mean we will make the payment for both invoices through Direct Debit?
Yes. Direct Debit will be your default payment method for both invoices.