Remittance companies
Crypto OTC desks
Bitcoin ATM operators
ATM operators
Small businessesPayments for Canadian crypto OTC desks.
Invincible Pay handles buyer payments for crypto OTC desks in Canada. Buyers pay by Interac e-Transfer, you check each payment before it lands, and you restock with one EFT to your liquidity provider.
FINTRAC MSB C100000702Bank of Canada PSP registryWe reply within 24 hours
Here's how money moves through Invincible Pay for a crypto over-the-counter desk. Take Harborline. It's a money services business that sells crypto directly to buyers at a quoted price.
Buyers pay with Secure e-Transfer. Every payment waits in a secure inbox, so Harborline controls what lands in the wallet and takes on less fraud risk. Harborline checks who sent it, then chooses to claim it, reject it or mark it as not recognised.
To claim it, Harborline answers the sender's security question, and the money moves into the wallet. The dollars collect in the Invincible Pay wallet while Harborline sends the crypto from its own stock right away.
Now it's time to restock. Straight from the wallet, Harborline sends everything it collected to its liquidity provider in one electronic funds transfer. Once the payment lands, the liquidity provider sends back fresh crypto, rebalancing Harborline's stock for the next day of trading.
That's our solution for crypto over-the-counter desks. From collecting your buyers' payments to restocking with your liquidity provider, it all happens within one wallet.
The company names and amounts in this video are examples.Where OTC desks get stuck on the money side
An OTC desk sells crypto for Canadian dollars all day. Banks and payment providers make each step of that harder.
Clean books, closed anyway
A typical bank finds crypto difficult. Desks with clean books and full KYC on every buyer still get closed.
Money lands before you check
With auto-deposit, a buyer's e-Transfer goes straight in. If the sender isn't your buyer, you find out after the crypto has gone.
Restocking waits on transfers
Your liquidity provider sends fresh crypto once your dollars land. Slow or capped transfers hold up the next day of trading.
Check every buyer, restock from the same wallet
Crypto desks are a primary customer for us. Secure e-Transfer holds each buyer's payment until you've checked the sender, and one EFT or a same-day wire pays your liquidity provider in Canada.
- 9:48 am$1,150.00Claimed
- 10:02 am$2,980.00Not recognised
- 10:14 am$2,400.00Waiting
Check the buyer before you release the crypto
Secure e-Transfer is how an OTC desk protects itself against fraud. Each buyer's payment waits, and you make one of three choices.
- Claim
It's your buyer, and the amount matches the quote
Answer the sender's security question. The money moves into your wallet, and you send the crypto.
- Reject
The amount or the details don't match the trade
Reject it, and the payment never lands in your wallet. Nothing goes out from your stock.
- Not recognised
You don't know the sender
Mark it as not recognised, and it stays out of your wallet. You never release crypto against a payment you can't place.
From a buyer's payment to the restock
One trade, from the buyer's e-Transfer to fresh crypto in your stock. We never touch the crypto: you send it to the buyer, and your liquidity provider restocks you.
- Your buyers
The buyer pays by e-Transfer
You quote the price, and the buyer pays in Canadian dollars by Interac e-Transfer, within their own bank's daily limit.
Incoming e-TransferWaiting$2,400.00Quote 1182 - Secure e-Transfer
It waits for your check
With Secure e-Transfer, nothing reaches your wallet until you've checked who sent it and chosen what to do.
Secure e-Transfer1 waiting$2,400.00ClaimRejectNot recognised - Your wallet
Claimed payments collect
Claimed payments build up in one wallet through the day, while you send the crypto from your own stock.
Wallet balanceCAD$41,380.00From 24 buyer payments today - One EFT
Restock with one transfer
Send everything you collected to your liquidity provider in one EFT, typically in 1 business day, or by same-day wire.
EFT sentSent$41,000.00To your liquidity provider - Your liquidity provider
Fresh crypto comes back
Once your payment lands, your liquidity provider sends fresh crypto for the next day of trading. We don't touch the crypto in your trades.
Outside Invincible PayThe crypto moves between you and your liquidity provider.
Crypto to Interac e-Transfer for clients who sell to you
When a client sells crypto to your desk, pay them in Canadian dollars from the same wallet. Send up to $25,000 per transfer, with no daily limit.
A $61,000 payout goes out as three transfers, sent together with Bulk e-Transfer. A client who'd rather have one payment can get a same-day wire.
What we'll ask an OTC desk
We'll want to understand your buyers, the assets you trade and where you restock. This is the list we'll go through with your desk.
- Your FINTRAC registration for dealing in virtual currency.
- Your buyers: who they are, how you verify them before you quote, and the size of a usual trade.
- The assets you trade, and the liquidity provider you restock from.
- Your AML compliance program: the current policy and the person responsible for it.
- How money moves: how often you restock, and roughly how much each month.
- Who's behind the desk: directors, officers and anyone holding 25% or more verify their identity online.
From application to first payment
Apply online
Tell us what your business does and how money moves through it.
Get approved
Our compliance team reviews your file and tells you if anything is missing.
Start processing
Your wallet and deposit details are live, and your first payments can move.
Selling crypto through machines too? Bitcoin ATM operators take carrier deposits and restock by EFT. Exchanges and other crypto businesses start at payments for crypto businesses.
OTC desks ask us about buyers and restocking
Check every payment before it lands
Walk us through a normal trading day at your desk. We reply within 24 hours on business days.