Payment solution provider US Dataworks has started accepting bitcoin payments into its Integrated Receivables Platform.
US Dataworks has formed a partnership with Coinbase so its clients can now accept bitcoin payments as part of a standard receivables processing workflow.
The company noted that accepting bitcoin payments offers benefits that include simplifying cross-border payments, reducing interchange fees, eliminating chargebacks and reducing online fraud, and eliminating payment re-association for accounts receivable posting.
In addition, payments received in bitcoin are immediately converted to U.S. dollars via Coinbase, thus mitigating currency risk or need for hedging.
Coinbase is the most popular bitcoin wallet with 1.7 million users and 37,000 merchants in 19 countries,
US Dataworks indicated that will demonstrate the new capability at the annual Association for Financial Professionals conference in Washington D.C. from 3-5 November 2014.