Frequently Asked Questions
Why is Intuit enabling small businesses to accept bitcoin?
Intuit is always looking to help our QuickBooks Online customers grow their business and get paid in any way they choose. The Intuit PayByCoin service furthers that goal.
Who is eligible to use Intuit PayByCoin service?
Intuit PayByCoin is available as a free add-on to small businesses who use QuickBooks Online service to generate electronic invoices (e-invoices).
How do I enable bitcoin payment option for Invoices?
Before accepting payments in bitcoin, small businesses must first turn on PayByCoin inside QuickBooks Labs and then link a Bitcoin payment processor to their QuickBooks Online account from Company Settings. When a customer chooses to pay the Invoice online with bitcoin, the customer is presented with instructions from the linked Bitcoin payment processor to complete the transaction. Customers can send bitcoin using any bitcoin wallet. If the payment is successful, the Bitcoin payment processor will deposit the same amount into the Bitcoin payment processor account linked to the QuickBooks Online account. Once the transaction is completed, Intuit PayByCoin reconciles the transaction in QuickBooks Online.
How do I receive the exact invoice amount in preferred currency?
A small business can elect to receive the payments in bitcoin or a preferred settlement currency directly from the Bitcoin payment processor. You can set up your Bitcoin payment processor to never hold bitcoin or expose yourself to any exchange rate risk if you don’t want to.
Are there fees?
Intuit does not charge any fees to either the small business or customer for using the Intuit PayByCoin service. Bitcoin payment processor fees start start at 0%. The Bitcoin network charges a small miner fee (usually 0.0005 to 0.0001 BTC) to the customer of the small business.