How and when are invoices generated for contractors?

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. 

Fixed contractors

Fixed contractor invoices are auto-generated by default on the 10th of each month for the current month. Please ensure you have entered an accurate first payment amount on the new hire form.

Invoices will be auto-approved 5 days after that date if not manually approved.

  • If you have set up Direct Debit as your payment method, withdrawal from your bank will be initiated as soon as the invoice is approved or auto-approved. Please make sure you have enough funds in your account, otherwise the transaction will fail and this will result in delayed payouts to your contractors. 
  • If instead you pay Oyster via Bank transfer, you should initiate your bank transfer as soon as the invoice is approved or auto-approved. Any delays in bank transfer initiation will result in delayed payout for your contractors. 

Oyster will initiate payouts to your contractors as soon as we have received funds from you in any of the preferred manners (e.g Direct Debit or bank transfer). 

 

Pay-As-You-Go (PAYG) contractors

PAYG contractor invoices are manually created by contractors. You can view them in the Invoices section as soon as the contractor submits them. You are also notified via email when an invoice has been submitted.

You can ask your PAYG contractors to submit invoices on a set schedule. This way you can approve invoices in batches.


Invoices will be auto-approved 15 days after that date if not manually approved. 

  • If you have set up Direct Debit as your payment method, withdrawal from your bank will be initiated as soon as the invoice is approved or auto-approved. Please make sure you have enough funds in your account, otherwise the transaction will fail and this will result in delayed payouts to your contractors. 
  • If instead you pay Oyster via Bank transfer, you should initiate your bank transfer as soon as the invoice is approved or auto-approved. Any delays in bank transfer initiation will result in delayed payout for your contractors. 

Oyster will initiate payouts to your contractors as soon as we have received funds from you in any of the preferred manners (e.g Direct Debit or bank transfer). 

 

Payment timeline

If you want your fixed contractors to be paid by the end of the month, feel free to wait for our systems to auto-approve your invoices. That will happen on due date. By default, that's 5 days after invoice is created. For your PAYG contractors, we recommend approving invoice as soon as possible. We initiate the payment only after the approval.

a) Direct debit timeline

As soon as you click Approve, Oyster initiates DD towards your bank account. Settlement and clearing of funds takes T+5 business days (being T the date of charge). As soon as Oyster receives your funds, payout to the contractor is initiated.


Depending on the payment rails, your contractor will received the payout timeline varies. In some cases the funds are available in seconds, but in other cases it can take up to 7 business days. 

In average, after Oyster has received money funds from your, your contractor will have them available in: 

  • 2 business days when the payout currency is considered local in a country (e.g. sending PHP into Philippines). 
  • 3-4 business days when the payout currency is considered foreign in a country (e.g. sending USD into Brazil). 
    • Note: International transfers might suffer from delays due to intermediary banks involved in the transaction. For that reason we say that international transfers can take up to 7 business days in the worst case scenario. If you suffer from longer delays than that, please reach out. 

 

b) Bank transfer/wire timeline

When you approve an invoice, Oyster waits for you to send a bank transfer. As soon as Oyster receives your funds, payout to the contractor is initiated.

 

Depending on the payment rails, your contractor will received the payout timeline varies. In some cases the funds are available in seconds, but in other cases it can take up to 7 business days. 

In average, after Oyster has received money funds from your, your contractor will have them available in: 

  • 2 business days when the payout currency is considered local in a country (e.g. sending PHP into Philippines). 
  • 3-4 business days when the payout currency is considered foreign in a country (e.g. sending USD into Brazil). 
    • Note: International transfers might suffer from delays due to intermediary banks involved in the transaction. For that reason we say that international transfers can take up to 7 business days in the worst case scenario. If you suffer from longer delays than that, please reach out. 

 

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