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Intuit Lets Merchants Accept Bitcoin With New 'PayByCoin' Service

(@mpmcsweeney) | Published on June 25, 2014 at 18:55 BST

California-based financial management solution specialist Intuit is now enabling its merchant network to accept bitcoin through its new PayByCoin service.

PayByCoin integrates Intuit’s QuickBooks Online payment processing service with bitcoin wallet and merchant processing provider Coinbase.

Earlier this year, the business software developer began testing a bitcoin payments service geared toward small businesses. At the time, Intuit said that it was seeking to develop a low-cost, low-risk digital currency acceptance service for its merchants.

This service is now being offered free to Intuit customers that use QuickBooks online to create electronic invoices for customers. Merchants can opt to receive payments in either BTC or USD, and the company will charge no additional fees on top of the 1% transaction cost imposed by Coinbase.

The company stated that it won't be involved in the transaction process, but will rather serve as an interface that its customers will use to facilitate payments.

Intuit explained:

"Intuit is providing the connectivity and software services to direct customers to the small business operators CoinBase wallet, and to record the transactions in QuickBooks Online. Intuit will not receive or hold any funds related to the PayByCoin transactions, either in USD or bitcoins."

According to Intuit, PayByCoin is intended to broaden the variety of revenue sources for its merchant network, saying on its website:

"Intuit is always looking to help our QuickBooks Online customers grow their business and get paid in any way they choose."

Notably, Intuit is also the owner of personal financial planning platform Mint, which added Coinbase support earlier this year.

Image via Intuit

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