Why is a deposit required?

Ben
Ben
  • Updated

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.

Deposit Invoices will be issued on the same month of the start date of the Team Members.

This deposit is fully-refundable meaning that at the end of your team member's contract, it will be refunded to your company once all final invoices have been settled.

 

Deposit amount

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":

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  • Subscription Fee
    • The monthly fee that Oyster charges for access to our software, platform, and services.
  • Service Fee

    • The monthly rate of the Team Member providing services, e.g. base compensation and allowances.

  • Administrative Cost

    • Employer costs such as taxes, benefits, and social welfare contributions.