With your Recurring Buy, Beaver Bitcoin converts dollars from your bank account into bitcoin in your bitcoin wallet, automatically, every week. All you have to do is link your bank account and set a weekly buy amount.
After that, we automatically withdraw CAD $ from your bank account, convert it to bitcoin, and deliver it to you on a regular weekly basis.
Once you sign up and complete the Recurring Buy onboarding, we will send a transfer request to your bank. The funds should be withdrawn from your account within 24 hours and you should receive your first bitcoin delivery to your wallet address within 7 days. After that, you'll receive a bitcoin delivery to your wallet once a week, or every 7 days.
That's the short answer.
The longer answer is that we work with a number of third-party service providers to make this happen.
All of our partners are Canadian companies, and in our opinion, represent the industry standard for each of their respective functions. We've included them in brackets below.
On the backend, Beaver Bitcoin communicates with your bank account (using your account, institution and transit numbers) and requests a weekly transfer from your account for the amount of your weekly buy. In order to receive the funds, we initiate an EFT (electronic funds transfer) with your bank (via our payments processor, Apaylo). This type of transfer is also referred to as a PAD, for Pre-Authorized Debit, and allows us to withdraw CAD $ from your account on a weekly basis, with no action required from you. This transfer can take 24-48 hours to settle in our account, but typically lands within 24 hours.
Note, your transfers with Beaver Bitcoin should appear in your online banking transaction history as from BEAVER BITCOIN. See the example below, for a $100 weekly buy.
Once we receive CAD $ from your bank, we hold onto it for three business days as a fraud prevention measure and to lower the risk of the funds returning NSF (insufficient funds). After the three day hold, we convert the CAD into bitcoin with our exchange partner (Aquanow), who immediately delivers the bitcoin to your personal bitcoin wallet address.
After signing up and creating a buy, you'll receive your first bitcoin within five business days, and then every seven days after that.
In your Recurring Buy dashboard, you'll find two feeds. One to track the status of your current transfer (Transfers), and another to view your completed buys (Purchases). We also show the total amount of bitcoin you have purchased through Beaver. Note, this amount is just your total saved through Beaver, and is not connected to your bitcoin wallet address.
Additionally, you can expect to receive an email notification for every EFT transfer/withdrawal from your bank account. This email comes from our payments processor, Apaylo, and looks like this:
Lastly, you'll receive an email from us once we have delivered your bitcoin, letting you know your stack was a success.
To get started, sign up here.
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