The chart below describes the process within Bricknode Broker and surrounding systems.
There are three flows that are used most often which are illustrated above and described below.
Customer purchases gold for the first time
The first time customer will enter an onboarding form which can be in the shape of a purchase form in an e-store or through some onboarding form where the customer can decide to make a one time purchase or a recurring monthly purchase.
The main difference for one time purchases relates to if the payment of the order is guaranteed or not. If the customer selects to pay through BankGiro there will be 2 days before the money arrives and thus Bricknode Broker should create orders for the gold that has to be processed by the administrator once cash has arrived and booked into the account. If on the other hand the purchase would be paid by credit card the cash is guaranteed and Bricknode Broker can create the transactions right away without having to work with an order in Bricknode Broker.
If the customer would like to set up a recurring monthly purchase an Autogiro mandate would be created for their bank account which will take 2 - 3 days to approve by the bank and after that cash will be collected from the account monthly.
The administrator will receive a notification via e-mail if new gold bars should be purchased in custody.
Customer sells gold
The customer can log on to the customer portal where the investments in each gold bar can be viewed with the current gold price as the value of the investment. From the portal the customer can enter sale orders for each investment which then will be processed by the administrator who then will send money to the customer from the custody bank.
Recurring purchases of gold
If the customer has activated recurring deposits of cash from Autogiro this will take place monthly. The money cannot be automatically allocated to gold bars since Bricknode Broker does not have a native gold bar allocation service. An automatic gold bar allocator add-on is available in the Bricknode marketplace which can be activated and which will check daily if there is any cash available in customer accounts who has made the setting to have automatic investments of cash in gold. If that is the case the gold bar allocator will automatically create new gold bars and allocate the cash. The administrator will receive a notification via e-mail if new gold bars should be purchased in custody.