Intuit has launched a new service called PayByCoin, that enables companies using Quickbooks Online to accept payments in virtual currency Bitcoin. When a business generates an invoice for a customer, it generally offers payment options such as credit and debit cards. With the addition of PayByCoin, businesses have an option to accept payments in Bitcoin. However, they need to link their QuickBooks Online account to the Bitcoin wallet service Coinbase, which PayByCoin uses for processing the transactions. It is being offered as a free add-on as of now and the company will charge 1% for paying out in US Dollars. The company also says that it will make local payouts a day after the transaction has been completed. Intuit has been testing out the feature since May this year with a few merchants. Issues with Bitcoin Businesses accepting Bitcoin payments generally have to deal with volatility associated with Bitcoin valuation. However, when it was seeking beta testers for the Bitcoin service, Intuit had stated that companies can list a Dollar price and not worry about Bitcoin valuation. It is worth noting that at that point, Intuit had also stated that the service works even without a Bitcoin wallet, which doesn't seem to be the case anymore. For merchants in India that are using Quickbooks Online service, Bitcoin might not be a high priority, since very few people actively use the virtual currency here. Even if it decides to accept payments from customers using Bitcoin, there is the legal ambiguity. While US…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...