Initial Deposit Invoice is a one-month estimation of salary and employer contributions, which is fully refundable (with the exception of applicable fees). Depending on your payment method and the region of your supported employee, two or three months of deposit might be required.
Important Things to Know
- Deposit invoices must be paid in full at least 30 days before the Employee’s anticipated start date, and funding is required before Employment Agreements can be shared with the Supported Employee
- Deposit funds are used to settle outstanding customer invoices in case of failure to remit payment per agreed payment terms
- Upon termination of employment and assuming no further outstanding liabilities, the deposit will be refunded per the agreed-upon terms.
- Velocity Global uses the bank details provided and confirmed by the customer to process the refund. The customer is responsible for confirming their Wire banking details before the refund can be processed.
- Velocity Global Payroll Invoices and Deposit Invoices Training: If you are a Company Admin or Client Billing Contact, this is a useful walkthrough describing Deposit Invoices and Payroll Invoices (FAQs and need to knows)
What Does an Initial Deposit Invoice Look Like?
The Deposit Invoice Process
Frequently Asked Questions
What is the Initial Deposit Invoice?
The Initial Deposit Invoice is a security deposit that Velocity Global refunds, less any applicable fees, after the employment contract of your supported employee has ended.
How is the Initial Deposit Invoice calculated?
The Initial Deposit Invoice is an estimate of the supported employee’s monthly salary, employer contributions, and Velocity Global’s EOR fee. Depending on your payment type and the region of your supported employee specified in your Statement of Work (SOW), 1, 2, or 3 months’ total estimated amount might be required to fund the initial deposit.
How do I fund my Initial Deposit Invoice?
The Initial Deposit Invoice should be funded as soon as possible per your agreed payment method and according to your payment terms to avoid delays with the onboarding process.
Why is there an immigration fee on the Initial Deposit Invoice?
Any fees related to the immigration of your supported employee are included in the deposit invoice. Please note these fees are not refundable.
Why do I need to pay this now?
The Initial Deposit Invoice ensures the smooth onboarding and timely processing of the first month payroll for your supported employee.
When are deposits typically refunded?
Upon termination of employment and assuming no further outstanding liabilities, the deposit will be refunded per the agreed-upon terms, typically no sooner than 45 days after the termination date.
Which line items on the deposit invoice are refundable?
Assuming no funds need to be used to settle outstanding balances, any item labeled “EMPLOYEE DEPOSIT” will be refunded.
Why does the deposit invoice amount differ from my monthly payroll cost?
The Initial Deposit Invoice is only an estimate. The actual payroll invoice will reflect the actual compensation and applicable employer burden accurately and also includes our monthly fee, thus the potential for a variance in the two.
Where can I find my payroll invoices?
Company Admins or Client Billing Contacts can access the invoice dashboard by navigating to Profile > Billing and Invoices.