This article explains the invoice and payment process for both fixed and pay-as-you-go (PAYG) contractors. You'll learn 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 will be updated.
Once the invoice has been approved, if you have direct debit set up, funds will be automatically pulled from your bank account. It could take up to 5 business days for this to reflect in your company 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 paying via wire transfer, ensure you enter the invoice number (usually in format XX-XXXX-XXXXXX-XXXXX) in the comments or reference field to help our Finance team 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).
- Once MoneyCorp starts the payment process, an email notification is automatically sent to the contractor's registered email.
- Payment should ideally take 1-2 business days, however, 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.