Intuit releases QuickBooks Bitcoin Payments solution

US financial and tax preparation software development firm Intuit has recently revealed its plans for a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term payment solution called “QuickBooks Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Beta”.

While the company’s flagship product QuickBooks leads the pack in the small business accounting software market with an 89% share, Intuit is looking to the future of Ecommerce, most notably Bitcoin acceptance for merchants.

The team behind QuickBooks Bitcoin Payments Beta, when developing the small merchant solution, kept 2 key factors in mind which are currently preventing widespread adoption of the cryptocurrency amongst smaller merchants.

1) The need of a Bitcoin wallet. 3^rd party BTC wallet and storage services have taken a credibility hit lately. The MtGox exchange filed for bankruptcy leaving many simply without answers as to where their funds are. Being able to trust a 3^rd party service has become difficult, especially when it concern your business’ income. 2) Price instability. As Bitcoin is a non-regulated or governed currency, the price of a single Bitcoin is not as stable as conventional tender. Some merchants steer clear of Bitcoin in fear they might lose money when it’s time to cash out.

Intuit's solution solves these concerns by offering a service that does not require a Bitcoin wallet and completes conversions into USD in real-time. Merchants will not deal with Bitcoin hands-on, and payouts will be made in dollars. Other positives relate to Bitcoin’s nature as a payment method, such as lower fees than traditional payment methods and the inability to chargeback a transaction.

QuickBooks Bitcoin Payments is currently in beta and is invite-only from Intuit. Interested merchants can sign up to the waiting list on the product’s main page.

Intuit’s approach to Bitcoin is simplistic compared to other similar services. Recently Circle released its simplified Bitcoin payment solution, and is also currently invite-only.