Last updated on January 2nd, 2018 at 12:00 am
Intuit Labs is the side of Intuit where new things are tested out, developed, and built out before they are typically spun off and out to be new products. They’ve just launched a new product called PayByCoin.
Intuit PayByCoin is available as a free add-on to small businesses who use QuickBooks Online service to generate electronic invoices (e-invoices).
Before accepting payments in Bitcoin, small businesses must first signup for QuickBooks Payments to enable online Invoice payments and then link a CoinBase wallet to their QuickBooks Online account using Intuit PayByCoin. CoinBase is a provider of digital wallets for Bitcoin. When a customer chooses to pay the Invoice online with Bitcoin, the customer is presented with instructions from the linked CoinBase wallet to complete the transaction. Customers can send Bitcoin using their own CoinBase or other Bitcoin wallet. If the payment is successful, Coinbase will deposit the same amount into the Bitcoin wallet linked to the QuickBooks Online account. Once the transaction is completed Intuit PayByCoin reconciles the transaction in QuickBooks Online.
Intuit does not charge any fees to either small business or customer for using the Intuit PayByCoin service. Coinbase charges 1% to small businesses for receiving payments in US Dollars.
Image courtesy of Intuit.