Intuit and BitPay announced the integration of Bitcoin payments into the Quickbooks PayByCoin service. The integration will allow the company to offer the option of paying by Bitcoin to their customers.
The integration also allows for next day settlement in their bank accounts as well. The quick deposit to their bank accounts will help companies avoid the volatility in the Bitcoin price yet still able to accept it. This type of protection will make Bitcoin more attractive to companies eliminating the risk of a large swing in value.
Another excellent feature is the ability to take a Bitcoin payment from anywhere in the world instantly. No more tricky bank wire transfers or many days long wait for a payment to clear. The leveraging of Bitcoin for instant payments opens up many possibilities for over 700,000 Intuit Quickbooks companies.
From BitPay’s announcement:
Businesses trying to collect payments from cross-border clients often find it cumbersome to negotiate a bank transfer. Similarly, businesses trying to pay vendors internationally also suffer the same headaches. With bitcoin, cross-border B2B transactions are simple and seamless, thanks to Intuit and BitPay.
The ease of use with BitPay’s payment gateway will be very attractive to many businesses. At Intuit Labs, the announcements first line reads:
QuickBooks Bitcoin Payments enables small businesses to take bitcoin payments without ever having a bitcoin wallet or ever seeing any bitcoins.
This line shows that Intuit and BitPay are working to take the risk out of accepting Bitcoin and add the ease of use that customers are used to with other forms of payment.
Small businesses just want to get paid. Cash is troublesome to keep track of; checks have lots of friction (writing, mailing, depositing) and card transactions have high fees.
Our team is constantly looking for ways to improve the lives of our customers. During incubation week, we experimented with bitcoin to solve the aforementioned pains associated with getting paid.
We came up with an innovative way to enable small businesses to accept bitcoin payments without any risk or a bitcoin wallet. We’re still testing our bitcoin service. Stay tuned for more details!
Bitcoin is making inroads everywhere, and Inuit actively integrating it into their massively popular accounting platform will bring many more people. Some out of curiosity and others liking the instant fast transfer of funds to their accounts. Choosing BitPay was also a wise choice as they are one of the world leaders in Bitcoin payment and remittance services. A great combination indeed. Now we will start seeing more companies announcing they are accepting Bitcoin and other Cryptocurrencies in the near future.
What do you think about the introduction of Bitcoin payments into Quickbooks via BitPay?
Images from Bitpay, Intuit and Shutterstock.
Last modified: August 29, 2016 19:05 UTC