29 July 2014

Intuit to process bitcoin payments with QuickBooks Online

27 June 2014  |  4418 views  |  0 bitcoin

Intuit is to make bitcoin payments an option for the 624,000 small businesses who use its cloud-based QuickBooks Online financial management software.

Intuit's new PayByCoin service is made possible via an integration between QuickBooks Online and bitcoin wallet outfit Coinbase.

To use the service, small business operators must register with Coinbase and link their wallets to their existing QuickBooks Online account.

When a customer receives an invoice, they receive the option to pay by traditional methods, such as credit card and bank transfer, or by bitcoin.

Intuit is providing the connectivity and software services to direct customers to the small business operator's Coinbase wallet, and to record the transactions in QuickBooks Online. The firm says it will not receive or hold any funds related to the PayByCoin transactions, either in USD or bitcoins.

Intuit, which last year processed approximately $40 billion in payments, does not currently charge a fee for this new service. Coinbase does not charge any fees for the first $1 million in bitcoin transactions; after that, a one percent payment processing fee will be levied when converting bitcoin to USD.

Earlier this year. Intuit-owned money management app Mint struck a deal with Coinbase to enable users to view their bitcoin transactions alongside more traditional financial accounts.

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