US financial and tax preparation software development firm Intuit has officially released its “QuickBooks Bitcoin Payments Beta” out of its beta testing stage, the firm has also partnered with BTC payment platform Coinbase to provide the solution.
The integrated Bitcoin payment solution, now called PayByBitcoin, utilizes Coinbase’s BTC payment platform, as opposed to Intuit’s in-house solution.
Another difference between QuickBooks Bitcoin Payments Beta and PayByBitcoin is the need for Bitcoin wallet. Merchants are now required to sign up for a Coinbase wallet and account which links to QuickBooks. As with Intuit’s beta and Coinbase’s merchant solutions, PayByBitcoin gives its users the ability to choose between receiving payments in Bitcoin, or convert the payments into USD. No fees have been added beyond Coinbase’s 1% transaction cost.
Intuit stated the company will not be involved in processing the BTC based transactions themselves, but only serve as an interface for Coinbase’s integrated solution.
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“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,” explained a spokesperson from Intuit.
The Bitcoin service is now being offered to all QuickBooks customers free of charge to create BTC E-invoices, as well as calculate payments made in Bitcoin along with other FIAT based payments.