Bitcoin is getting one step closer to the mainstream as California-based financial management solution specialist Intuit has integrated bitcoin into its QuickBooks Online payment processing service.
Intuit’s new PayByCoin Service launched in collaboration with Bitcoin wallet and merchant processing provider Coinbase. Coinbase actually takes and processes the bitcoin payment; the QuickBooks integration allows small business customers to use QuickBooks online to create electronic invoices for customers and then choose to receive payments on those invoices in either BTC or USD. There is no additional fee for this service other than the 1 percent transaction cost imposed by Coinbase.
Manish Shah and Clinton Neilsen are the Intuit employees behind the plan to bring bitcoin to QuickBooks as a payments option. Shah is a group development manager in Intuit’s payments division and Neilsen works as an engineer on for QuickBooks. They spoke to PYMNTS about what their goals are for the PayByCoin feature, and why they decided to pursue it in the first place.