Remittance companies
Crypto OTC desks
Bitcoin ATM operators
ATM operators
Small businessesPayments for Canadian remittance companies.
Invincible Pay collects payments for remittance companies in Canada. Your customers pay by Interac e-Transfer into one wallet, and you send the day's total to your liquidity provider in one transfer.
FINTRAC MSB C100000702Bank of Canada PSP registryWe reply within 24 hours
Here's how money moves through Invincible Pay for a remittance company. Take MapleBridge Remit. It's a money services business that helps people in Canada send money to family abroad.
Each customer pays MapleBridge in Canadian dollars by Interac e-Transfer. With auto-deposit, the money goes straight into MapleBridge's Invincible Pay wallet. For more control, MapleBridge can use Secure e-Transfer. Each payment waits in a secure inbox first, not the wallet. That's an extra layer of security against fraud. MapleBridge checks who sent it, then claims it, rejects it or marks it as not recognised.
All day, MapleBridge collects payments from its customers, then sends one EFT or Bulk e-Transfer to its liquidity provider. MapleBridge reviews the transfer and sends it, all from the same wallet. The liquidity provider converts the funds to crypto. MapleBridge then sends it to a payout partner in the destination country, and the payout partner settles with the beneficiary.
That's how we help remittance companies, by handling your Canadian pay-in side, so you have one less thing to worry about. Let Invincible Pay make collecting from your customers in Canada the easy part of running your remittance business.
The company names and amounts in this video are examples.Why remittance companies struggle to collect in Canada
Running a remittance or money transfer business in Canada means taking dozens of payments a day. Most banks and payment providers aren't set up for that, or for you.
Banks turn money services away
A typical bank rejects money service businesses, or closes the account later with little explanation. Your customers' payments are left with nowhere to land.
Limits that don't fit a busy day
A typical bank caps business e-Transfers at around $10,000. Other providers slow you down with limits and compliance questions.
Months before a yes
Payment providers that will look at an MSB can take up to 3 months to decide. Your corridors wait the whole time.
A wallet built for money service businesses
Every customer's e-Transfer lands in one wallet, with no pause on what comes in. You send the total on as one EFT, a same-day wire or a Bulk e-Transfer split, and you usually get a decision on your application within 3 business days.
From your customer's e-Transfer to the family abroad
One customer's payment, from their bank to a family abroad. The Canadian dollar part runs through your wallet, and your partners take it from there.
- Your customers
Customers pay by e-Transfer
They pay in Canadian dollars by Interac e-Transfer from their own bank. With auto-deposit, each payment goes straight into your wallet.
Interac e-Transfers inDeposited9:12 am$1,250.009:40 am$640.0010:05 am$2,300.00 - If you want to check first
Check who sent it
With Secure e-Transfer, a payment waits until you've checked the sender. You claim it, reject it or mark it as not recognised.
Secure e-Transfer1 waiting$1,850.00ClaimRejectNot recognised - Your wallet
The day's payments add up
Every customer's payment lands in the same wallet. We don't pause incoming payments, however many customers pay that day.
Wallet balanceCAD$48,615.00From 37 customer payments today - EFT, wire or Bulk e-Transfer
Send the total on
Pay your liquidity provider in Canada by EFT, typically in 1 business day, or by same-day wire. Bulk e-Transfer sends up to $25,000 per transfer.
EFT sentSent$48,000.00To your liquidity provider - Your partners
Converted and paid out
Your liquidity provider converts the funds, and your payout partner in the destination country pays the family. We never convert currency.
Outside Invincible PayConversion and the payout abroad stay with your partners.
A day of customer payments, sent on as one transfer
A remittance day is many small payments. Each customer sends what their own bank allows: in this example, from $85 to $2,950.
By the end of the day, 37 payments have added up to $48,615. You close the day with one EFT of $48,000 to your liquidity provider.
A currency exchange business collects Canadian dollars at its counter the same way. Every other kind of money service starts at payments for MSBs.
What we'll ask a remittance company
Our money services onboarding starts with your corridors and the partners who pay out abroad. Here's the rest of what we'll ask.
- Your FINTRAC registration, with money transferring listed among your services.
- Your corridors and partners: the countries you send to, your liquidity provider and your payout partners.
- Your AML compliance program: the current policy, and how you verify a customer before they send money.
- Your daily volume: how many customers pay you on a normal day, and the usual size of a payment.
- Who owns and runs the business: directors, officers and anyone owning 25% or more verify their identity online.
- A compliance contact we can reach by name, email and phone.
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.
What remittance companies ask us before the first transfer
Make collecting the easy part
Tell us about your corridors and how many customers pay you a day. We reply within 24 hours on business days.