This article explains the invoice and payment process for both fixed and pay-as-you-go (PAYG) contractors. It outlines how the invoice systems work, how to pay, and the payment process for contractors.
As soon as an invoice is auto-generated or submitted by the contractor, it will go into the approval queue under invoices. You can then either approve or dispute the invoice.
If an invoice is disputed, an email notification will be sent to the contractor and the status updated.
Once the invoice has been approved, if you have direct-debit set up, funds will be automatically pulled from your bank account. Learn how to set up direct debit.
If direct debit is not available in your region, your invoice will have the Oyster bank account details for you to transfer the funds manually.
💡 If making manual transfers, please ensure you enter the invoice number usually in this format XX-XXXX-XXXXXX-XXXXX in the comments or reference field to help our Finance match the payment to your account quickly
Payment Timeline for Contractors
Immediately after we receive the invoice payment, Oyster automatically begins the payout based on the contractor's bank account and currency through our payment provider (MoneyCorp), and the below actions kick-off:
- Once MoneyCorp starts the payment process, an email notification is automatically sent to the Contractor's registered email advising of this.
- Payment should ideally take 1-2 business days, however, please note that there are sometimes delays due to the location of the contractor. If this happens, Oyster will reach out immediately to the contractor to resolve this.
- If the payment has been successfully made to the contractor's bank account, the confirmation of payment is automatically sent to the contractor's registered email by MoneyCorp.