Payment methods overview
To activate your Soda policy, you need to add a payment method. Soda offers two payment options:
- Credit/Debit card (instant activation)
- Bank transfer (1-2 business days for verification)
Both methods are used for compliance and verification purposes, and to collect the refundable deposit required for policy activation (the deposit is applicable only for medical plans)
When you will be charged
Payment schedule:
- Today (Policy activation): Refundable deposit (one-time, refundable)
- Next billing cycle: Platform fee (if applicable) + benefits usage
- Each month thereafter: Platform fee (if applicable) + benefits usage
Important notes:
- The refundable deposit is charged immediately upon activation
- Monthly invoices are sent at the end of each billing cycle
- You can edit your policy go-live date before activation
Method 1: Credit/Debit card (recommended)
Why choose a credit card:
- Instant policy activation
- Secure payment processing
- Accepted cards: Visa and Mastercard
- Can use a personal or corporate card
How to add a credit card:
-
Select payment method:
- In the "Activate your policy" modal, select "Credit/Debit card"
- You'll see Visa and Mastercard logos indicating accepted card types
-
Enter card details:
- Credit card number: Enter your 16-digit card number
- Expiry date: Enter month and year (MM/YY format)
- CVV: Enter the 3-digit security code on the back of your card
- Name on card: Enter the name exactly as it appears on your card
-
Review payment schedule:
- Check the "When you will be charged" section on the right
- Verify the refundable deposit amount
- Review the monthly billing schedule
-
Accept terms:
- Check the box: "By using Soda, you agree to our Terms & Conditions"
- Click the link to review terms if needed
-
Activate policy:
- Click "Activate" or "Complete activation"
- Policy goes live immediately after successful payment
Security features:
- Secure payment processing
- PCI-compliant payment gateway
- Card details are encrypted and stored securely
What happens after activation:
- Refundable deposit charged immediately
- Policy activated instantly
- Employees receive welcome emails
- Benefits available immediately
Method 2: Bank transfer
Why choose bank transfer:
- Prefer not to use a credit card
- Corporate payment preference
- Suitable for larger deposits
Important notes:
- Verification takes 1-2 business days
- Policy activates only after payment confirmation
- Must upload proof of transfer
How to pay via bank transfer:
Step 1: Get bank transfer details
-
Select payment method:
- In the "Activate your policy" modal, select "Bank transfer"
- You'll see bank transfer details displayed
-
Copy transfer information:
- Bank: Bank name and details
- Account name: Soda's account name
- Account number: Soda's account number (click the copy icon to copy)
- UEN number: Soda's UEN number (click copy icon to copy)
- Reference: Unique reference number for your payment (click the opy icon to copy)
-
Complete bank transfer:
- Log in to your bank's online banking or visit your bank
- Use the copied details to make the transfer
- Important: Include the reference number in your transfer
- Save or screenshot your transfer confirmation
Step 2: Upload proof of transfer
-
Upload receipt:
- Click the "Upload" area (dashed border box with + icon)
- Upload a screenshot or image of your bank transfer confirmation
- Accepted formats: JPG, PNG, PDF
- Make sure the receipt shows:
- Transfer amount
- Reference number
- Transfer date
- Bank confirmation
-
Acknowledge payment:
- Read the payment acknowledgement notice
- Check the box: "By using Soda, you agree to our Terms & Conditions and Privacy Policy"
-
Submit:
- Click "I have transferred" button
- Your payment will be queued for verification
Verification process:
- Soda team verifies your transfer (1-2 business days)
- You'll receive email confirmation once verified
- Policy activates automatically after verification
- If verification fails, you'll be notified with next steps
What happens after verification:
- Policy activated automatically
- Employees receive welcome emails
- Benefits available immediately
- Refundable deposit confirmed
Understanding the refundable deposit
What is it? Read our article about deposit
Common payment questions
Q: Can I use a personal credit card?
A: Yes! You can use either a personal or corporate credit card for policy activation.
Q: What if my credit card payment fails?
A: Check that your card details are correct, ensure sufficient funds, and contact your bank if issues persist. You can try again or switch to bank transfer.
Q: How long does bank transfer verification take?
A: Typically 1-2 business days. You'll receive email confirmation once verified.
Q: What happens if I don't include the reference number in bank transfer?
A: Your payment may take longer to verify. Contact support with your transfer details if verification is delayed.
Q: Is the refundable deposit refundable immediately?
A: The deposit is refunded only upon full policy termination, not for individual employee removals or mid-year changes.
Q: Can I pay the refundable deposit in installments?
A: No, the refundable deposit must be paid in full before policy activation.
Q: What if I need to change my policy go-live date?
A: You can edit the go-live date before activation. After activation, contact support for changes.
Q: Do I need a corporate credit card?
A: No, you can use a personal credit card. Both personal and corporate cards are accepted.
Q: What payment methods are accepted for monthly invoices?
A: Monthly invoices can be paid via bank transfer, credit card, or other methods arranged with support.
Troubleshooting payment issues
Credit card issues:
- Payment declined: Check card details, expiry date, and available credit limit
- CVV error: Ensure you're entering the 3-digit code from the back of your card
- Card not accepted: Only Visa and Mastercard are accepted. Contact support for alternatives.
Bank transfer issues:
- Verification delayed: Ensure you included the reference number and uploaded clear proof of transfer
- Transfer not found: Contact support with your transfer confirmation and reference number
- Wrong amount transferred: Contact support immediately with transfer details
General issues:
- Payment method not showing: Refresh the page or contact support
- Can't activate policy: Ensure all required fields are completed and payment method is added
- Need to change payment method: Contact support before activation, or update in dashboard after activation
Getting help
Support channels:
- Soda chatbot: Available in the dashboard