Intuit is partnering with Coinbase to offer bitcoin processing to small businesses for free.
The free service is for Intuit customers that use QuickBooks online to create electronic invoices for customers. Merchants can opt to receive payments in either bitcoin (BTC) or U.S. dollars, and the company will charge no additional fees on top of the 1 percent transaction cost imposed by Coinbase.
California-based Intuit is calling the service PayByCoin.
How does it work? According to Coinbase, the Silicon Valley-based bitcoin wallet and merchant processing provider:
• Small business operators register with Coinbase and link their bitcoin wallet to their QuickBooks Online account.
• When a customer receives an invoice, they now have the option to pay by bitcoin, in addition to existing methods such as credit cards and bank transfers.
• Intuit does not currently charge a fee for this new service. Coinbase does not charge any fees for the first $1,000,000 USD in bitcoin transactions; after that, a 1 percent payment processing fee with be charged when converting bitcoin to USD.
“Intuit is always looking to help our QuickBooks Online customers grow their business and get paid in any way they choose,” Intuit says on its website.