Intuit Adds Bitcoin as Quickbooks Payment Option

The Bitcoin assimilation of the mainstream continues. Earlier today the California based financial management software company Intuit added Bitcoin as a payment option in their hugely popular Quickbooks software package. The new service, called PayByBitcoin integrates QuickBooks’ online payment processing service with the Coinbase Bitcoin wallet. This allows the many businesses that use the QuickBooks suite to easily accept Bitcoin for payment.

The company began testing the service earlier this year in hopes of providing ‘a low cost, low risk digital payment acceptance method’ for their customers. The PayByBitcoin service is being offered free to all Quickbooks online customers with no additional charges over the 1% service fee imposed by Coinbase. Merchants can either keep their payments in BTC or convert them to US dollars. Intuit is simply acting as an intermediary and will not otherwise be involved in the transfer or conversion of funds.

Intuit’s move is another sign of the growing mainstream acceptance of Bitcoin. The company didn’t make this move in an effort to ‘evangelize’ the cryptocurrency but did so for more practical reasons stating “Intuit is always looking to help our QuickBooks Online customers grow their business and get paid in any way they choose.” Intuit also owns the online personal finance tracking platform Mint which recently added support for Bitcoin as well.

It’s reaching the point where new signs of Bitcoin acceptance by the mainstream are happening so quickly that it’s hard to keep up with all of them. Even the industry association for the status quo electronic payment business is impressed by Bitcoin. The CEO of the Electronic Transactions Association (ETA) Jason Oxman recognizes that Bitcoin represents the future of technology: ““We are in, without question, the single most important period of innovation since the invention of the magnetic strip. It is truly a revolutionary time for payments.” This is significant since many perceive that Bitcoin could seriously disrupt the very businesses that Oxman’s group represents–which includes heavyweights like Mastercard and PayPal. There has been considerable talk that PayPal will integrate Bitcoin into their payment system and it would appear that other status quo payment providers are looking to do the same.