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, and the withdrawal from your bank will be initiated. If you don't have enough funds, your bank will charge you an NSF fee.
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.
Payment timeline
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 charges your bank account. Settlement and clearing of funds takes T+5 (date of charge plus 5 business days). As soon as Oyster receives payment, the contractor is paid out the same or next business day. In some currencies, payment is received in seconds, but in others it takes up to 3 business days.
b) Bank transfer/wire timeline
As soon as Oyster receives the funds, the contractor is paid out the next business day.
Note: 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.
