New Payment Method: Introducing Direct Debits

Bull Bitcoin is pleased to announce a new funding method: Direct Debits! Low fees, fast processing and higher limits.

Direct Debits allow Bull Bitcoin users to link any Canadian bank account to the Bull Bitcoin platform and enable Bull Bitcoin to pull the payment directly out of their bank account.

Why use this payment method?

✔️Available to all Canadian Bank Accounts

✔️Up to $3000 CAD per day

✔️Opt-in payment verification for faster approvals

✔️ Low processing fees

✔️ No need to use online banking after initial setup

✔️ Doesn’t use the Interac network (more secure and reliable)

How does it work?

Step 1: link your bank account to the Bull Bitcoin platform using our Flinks integration. You will not be able to use the Direct Debit method until your bank account integration has been verified.

Step 2: create a Direct Debit funding order. When the order is created, we will send you a unique one-time confirmation number by SMS.

Step 3: Open the “Debit Agreement” form on the Direct Debit funding order page. This agreement allows our bank to withdraw funds from your bank account and specifies the rules by which this can take place. Note that when using Direct Debit, we will ask you to confirm every payment by SMS before processing the payment.

Step 4: Once you have requested a Direct Debit, Bull Bitcoin will proceed to withdrawing the funds from your bank account within 24 hours.

Step 5: Once the payment has been received, Bull Bitcoin will mark the funding order as having been completed. This will automatically create a voucher that can be used to purchase Bitcoin.

Faster payment validation

Because of the nature of Canada’s banking system, in some instances we can only verify that the payment has been made after waiting for a period of 7 days.

In order to speed this up, users can grant access to their bank account transaction history to Bull Bitcoin by clicking “confirm debit” on the funding order page.

This will grant Bull Bitcoin access to the user’s banking transaction history, so they can validate that the payment has been made very quickly. However, this will give Bull Bitcoin access to the rest of the user’s bank transactions.

This information is not logged within the Bull Bitcoin platform and is kept securely on the servers of our bank data validation partner Flinks.io

Using Bull Bitcoin for the first time?

Funds sent within the first 7 days, following the first Direct Debit, are limited to $1000 CAD. Your weekly limit will be increased to $7000 one week after you have completed your first Direct Debit order.

Direct debits are active now, and you can give them a whirl by heading over to www.bullbitcoin.com