Yes that’s the idea but night crawlers don’t decompose organic matter has well as red wigglers. Thats the kind of worms you want in a bin. You can just order a few hundred (or thousand) worms from uncle Jim’s or many of the other vendors online and put them in a fabric pot with some soil and feed them but the manufactured bins like the worm factory 360 make harvesting the castings super easy. You can also build your own tray system like ones used in the link Harley provided.
It’s actually kind of difficult to separate the worms from the finished compost but in a stacked mesh system be it diy or store bought most of the worms gravitate towards the upmost tray that contains most of the food so you just pull the lowest tray out from the bottom and dump the compost into your soil straggler worms and all. Nice thing about the worm factory 360 is that it also has a spigot to collect the worm leacheate that is liquid gold for your plants. I feed it to all my weed and houseplants; diluted of course.
Starting up a worm bin is the ballerest move a soil grower can make. Store bought EWC is usually from worms fed mostly shredded paper and sawdust; homemade ewc is high brix as it from whatever veggie and fruit scraps you might have just tossed out anyway. I am literally feeding my plants garbage: Coffee grounds, eggshells, banana peels, rotted $trawberries, avacado skins, etc.