California-based financial management solution specialist Intuit is now enabling its merchant network to accept bitcoin through its new PayByCoin service.
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.
According to Intuit, PayByCoin is intended to broaden the variety of revenue sources for its merchant network, saying on its website:
Notably, Intuit is also the owner of personal financial planning platform Mint, which added Coinbase support earlier this year.
Image via Intuit
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.