Australia’s two million small businesses are set to benefit from the launch of the innovative new PayByCoin service from Intuit, the makers of leading cloud accounting solution QuickBooks Online, which will allow them to expand their payment options for customers to include virtual currency, bitcoin.
Available for the first time in Australia, the free service integrates QuickBooks Online with global bitcoin payment processor BitPay to enable users to invoice and seamlessly accept payments in bitcoin and receive a next-day settlement to their bank account.
Managing Director of Intuit Australia, Nicolette Maury, said the launch of PayByCoin is an exciting development for local businesses and has already gained strong traction among early adopters in the United States.
“PayByCoin can be turned on within QuickBooks Online in the click of a button and is all about giving Australian small businesses more flexibility in accepting payments from customers. The service is also a great example of how the QuickBooks Online ecosystem puts business owners ahead of the competitive curve by giving them the ability to leverage leading edge business management technology.”
Key advantages of PayByCoin include:
• No Fees: BitPay offers unlimited payment processing and there are no foreign transaction fees or hidden surcharge fees.
• Simple and seamless cross-border transactions without having to negotiate a bank transfer.
• No chargebacks: bitcoin transactions are irreversible, reducing fraud and improving funds availability.
• Quick deposits: bitcoin transactions settle immediately and local payouts occur the next-day.
“QuickBooks Online was the first cloud accounting solution to enable small businesses to accept bitcoin payments and we believe this offering will deliver fresh opportunities for our small business customers. It provides an efficient, safe, and seamless payment option that doesn’t sacrifice their revenues in credit card transaction fees,” said Maury.
Intuit is providing the connectivity and software services to integrate bitcoin transactions within QuickBooks Online, but will not receive or hold any funds related to the PayByCoin transactions.
“We’re always looking for ways to help our customers grow their business and part of that is helping them get paid in any way they choose. We see the introduction of PayByCoin as a fantastic step in our broader payments strategy which is set to deliver more innovative solutions in the year ahead,” Maury said.
To get started, QuickBooks Online users should click on the gear icon when logged in, navigate to QuickBooks Labs, and follow the prompts to activate PayByCoin. Once activated, PayByCoin can be managed on the QuickBooks Online Company Settings page. For more, visit paybycoin.intuit.com.