A reserve is a form of financial security intended to cover any anticipated losses that may result from a business using Remote’s services. Reserve payments are an industry standard, and any unused amounts are fully refunded upon an employee's resignation or termination.
Our credit and compliance teams evaluate all new and current customers on an ongoing basis to determine whether reserves are required or not.
In this article, we will cover the following:
- Why would a reserve payment be placed on an account?
- When is a reserve payment refunded?
- Can I appeal a reserve payment?
Why would a reserve payment be placed on an account?
Remote takes a number of factors into consideration when deciding on a reserve requirement, these include the industry and operations of a business, the employment laws in the countries in which employees are being hired, and previous invoice payment behavior for existing customers.
When is a reserve payment refunded?
Any unused reserve amount will be refunded in full upon an employee’s resignation or termination, or if you decide not to hire the employee.
Can I appeal a reserve payment?
In limited circumstances Remote can consider appeals. We would need to receive up-to-date and comprehensive financial information in order to review an appeal decision.