Does wounding weapon deal damage on hit and on victim's turn?

[Lastwell]

Wounding weapon: A wounding weapon deals 1 point of bleed damage when it hits a creature. Multiple hits from a wounding weapon increase the bleed damage. Bleeding creatures take the bleed damage at the start of their turns.

Bleeding Attack(and other 'bleeds'): This attack causes the target to take 1 additional point of damage each round

I think wounding weapon deals damage on hit, and let them bleed. Bleeding attack just let them bleed. Is it right?

[Fuzzy-Wuzzy]

The creature takes only the normal weapon damage to its HP when struck, and notes the bleed damage down somewhere; then it takes the latter to its HP at the start of each of its turns.

It's kind of so-so for a +2 enchant (but too powerful for a +1, so...).