Invoices are generated or created per contractor and are not aggregated. You can download a report of all invoices on the reports tab under the company section.
For fixed contractors invoices are auto generated on the 10th of each month for the current month.
If you have a contractor starting after the 10th of the month, we generate invoices daily for any new starters from the 11th of the month to the end of the month. Please ensure you have entered an accurate first payment amount on the new hire form.
For PAYG contractors invoices are manually created by contractors. You can view them in the invoices section as soon as the contractor submits them. You will also be notified via email when an invoices has been submitted.
You can ask your PAYG contractors to submit invoices on a set schedule. This way you can approve invoices in batches.
If you want your contractors to be paid by the end of the month, all invoices must be approved by the 15th.
a) Direct debit timeline
As soon as you click approve, Oyster will charge your bank account. Settlement and clearing of funds take T+5 (date of charge plus 5 business days). As soon as Oyster receives payment, contractor will be paid out same or next business day. In some currencies, payment will be received in seconds and in others up to 3 business days.
b) Bank transfer/wire timeline
If you are sending funds to Oyster, as soon as we receive the funds, contractor will be paid out next business day.
There could be some delays in matching funds received to the contractor. We encourage all customers to set up direct debit. Direct debit is currently live for US (ACH Debit), UK (BACS) and EU (SEPA) customers.