What’s Factorial HR and why should you upgrade it?
By upgrading to Factorial HR you can invite as many employees as you want to your Factorial account, no limits!
Factorial Free, the default plan of Factorial, allows you to add an unlimited number of employees to the platform, but only allows you to invite a maximum of 10.
And why should I invite my employees to Factorial?
Inviting all your employees to the platform is essential to get the most out of Factorial.
Once invited, employees will have access to their personal Factorial account from which they can request vacations or report other types of absences, consult their personal and contract information, access their documents at any time, register their time & attendance... and many other things!
This way, you can comfortably and efficiently have all the information about your employees updated and centralized.
How to upgrade to Factorial HR?
Upgrading to Factorial HR is very simple. Once inside your administrator account, you should simply go to the "Upgrade plan" section, located on the side menu. In this section we explain the different plans that Factorial offers (Free and HR) and what each of them includes.
To hire Factorial HR, just click on the "Upgrade Plan" button in the central column, fill in the payment information of your card and ... done!
How do subscription payments work for Factorial HR?
You can choose between two types of payment, annual and monthly. Both payments work in a similar way, but with some differences.
Cost and down payment
The annual plan has a cost of € 3 per invited employee per month. The first payment is made at the time of upgrading for an amount that will depend on the number of employees invited to your account. For example:
€ 3 x 12 months x 56 invited employees = € 2,016 / year
The monthly plan has a cost of € 3.75 per invited employee per month. The first payment is made at the time of upgrading for an amount that, again, will depend on the number of employees that you invite to your Factorial account. Let's see an example:
€ 3.75 x 1 month x 56 invited employees = € 210
What happens if the number of invited employees varies?
Once you have upgraded to Factorial HR, it is likely that as you use the platform the number of invited employees changes. Maybe the number grows because you invite the new incorporations of the company, or that it decreases because you terminate employees who were invited to Factorial.
There is nothing to worry about. At the end of each day, we automatically check the number of invited employees your account has and make the necessary adjustments in the form of an invoice (in case the number has grown) or in the form of a credit (in the case that there are fewer invited employees).
The amount to be paid or received (in the form of a credit) will depend on the date of your next payment of Factorial HR.
Let’s see an example to understand it better:
Imagine you have an annual subscription to Factorial HR that started on 01/05/2019 (with validity, therefore, until 04/30/2020) with 24 invited employees, with an initial payment of € 864.
On 15/07/2019, about two and a half months later, 2 new employees are invited to the Factorial account. That same night, an invoice will be issued and a corresponding charge will be made for the two new invited employees. However, only an amount proportional to the remaining subscription will be charged, from 07/15/2019 to 04/30/2020 (that is, 9.55 months)
€ 3 x 9.55 months x 2 invited employees = € 57.3
In this case, the amount to be paid would be € 57.3.
If, on the other hand, one or more users who were invited are terminated at some point, the amount of credit that you have in each case will be added to your Factorial account. The calculation of the amount of credit to be received will be made with the same criteria that we have just seen in the example.
How does the credit for my subscription to Factorial HR work?
As we have already mentioned, you can accumulate credit for your subscription to Factorial HR. This credit is managed automatically so that you don’t have to worry about anything.
At the time you have to make a new payment (either for an adjustment in the number of guest employees or for the payment of a new monthly or annual billing cycle), we will deduct your available credit to the amount you have to pay.
Let's see an example of how the available credit would be applied to a monthly subscription payment.
In the case of having € 33.5 of accumulated credit and having to make the payment of renewal for a monthly subscription of 25 employees, the calculations would be as follows.
The renovation would usually be…
€ 3.75 x 1 month x 25 employees = € 93.75
And if we apply the discount corresponding to the available credit …
€ 93.75 from your monthly plan - € 33.5 from credit = € 60,25
It’s that easy!
How does the renewal of my subscription work?
Whether the subscription is annual or monthly renewal is done automatically when each billing cycle is completed.
In the case of an annual subscription, the billing cycle is 1 calendar year. If, for example, the contract is made on 05/12/2019, the renewal will take place automatically on 05/13/2020.
In the case of a monthly subscription, the renewal will take place every month, depending on the day Factorial HR was contracted for the first time. For example, if the contract occurs on 05/07/2019, the renewal will be done automatically on 08/05/2019, on 09/05/2019, on 05/10/2019...
How can I cancel my subscription to Factorial HR?
You can cancel your monthly or annual subscription at any time. To do so, simply get in touch with us through a ticket and we will manage your withdrawal from the Factorial HR service.
Once canceled, the subscription will not be renewed. This means that you can continue using the Factorial HR services until the next renewal of your subscription was supposed to occur. After this time, you will not be able to invite more employees to your account, although those who were already invited may continue to access your account in the usual way.
If you have any questions that are not answered in this article, do not hesitate to send us your questions. We will contact you as soon as we can!