The deposit ensures we can defray any costs related to the Team Member’s services to your company. The deposit is used as a security, and may be used by Oyster to fund the Team Member's payroll in case of any unexpected payment issues of the customer invoice.
How Much is the Deposit?
We require a 1 month full-refundable deposit upfront for your new hire. This deposit is equivalent to 1 month of your new hire's "Total Cost of Services":
- Subscription Fee - this is the monthly fee which Oyster charges for access to our software, platform, and services
Service Fee - this is the monthly rate of the Team Member providing services, e.g. base compensation and allowances
Administrative Cost - this includes employer costs such as taxes, benefits and social welfare contributions
The deposit is invoiced once your new hire has signed their Employment Contract.
This deposit is fully-refundable meaning that at the end of your team member's contract, it will be refunded to your company provided that all final invoices have been settled.
Also see: When is the refundable deposit repaid?