Intuit Now Offers Support for Bitcoin with PayByCoin

Intuit now supports Bitcoin invoicing and payments in Bitcoin with its latest free of charge solution – PayByCoin.

Intuit was once a startup that set out to revolutionise the way financial accounting and personal accounting happens. It is now a company that has revolutionised invoicing, accounting and money management, as much as SalesForce revolutionised sales & customer relationship management. Intuit’s online cloud accounting solution that goes by the name QuickBooks Online now supports Bitcoin. For a company that serves the fiat currency market segment, extending the innovation to the digital currency market segment is highly commendable.

QuickBooks online supporting Bitcoins means that now it is possible to raise invoices that can be paid in Bitcoin. The invoice when raised, as most Intuit users would know, reaches the customer in an email. In a single click the bitcoin payment can be made by the invoice receiving party.

This service is now available free of charge to the QuickBooks online users.

PayByCoin is the invoicing service. Much of the real transaction handling and the conversion to fiat currency happens with a little help from Intuit’s partnership with BitPay. BitPay is an exchange that has been setting industry standards and already supports 9 currencies and direct bank deposits in 33 countries at the time of this writing.

Bitcoin has a set of advantages that fiat currencies can never possess, partly due to their own design. PayByCoin, therefore extends the same advantages that Bitcoins by their own right offers to its users. Namely — low fees, no chargebacks, quick deposits (1 day turnaround), lowered currency conversion risk; all of these as mentioned on the website at the time of this writing.

This is good news for medium and small businesses. There is another segment that can greatly benefit from the PayByCoin service — the freelancers who have already embraced Bitcoin as a way of payment and a way of life.

Intuit extending support for Bitcoin is a pointer in the right direction for the Bitcoin community. The Intuit users are serious money management enthusiasts who are keen on keeping track of the way their money flows. The exposure of this market segment to Bitcoin can only be for the good.

For QuickBooks, this could well be a top-line business motive to serve and capture a nascent market. However, for the larger Bitcoin community this is a another step in the right direction that brings accountability and integrity into the often chaotic perception of Bitcoin based transactions.