With news that Intuit's QuickBooks Online can now accept Bitcoin transactions, the virtual currency may finally be ready to go more mainstream.
The accounting system is the first web-based small business accounting solution that includes support for accepting Bitcoin payments through the PayByCoin service, which integrates QuickBooks Online with Coinbase, an online Bitcoin wallet service that is growing in popularity in the U.S.
PayByCoin is now available as a free add-on to small business operators who use QuickBooks Online to generate electronic invoices. Heres how it works:
- Small business operators register with CoinBase and link their wallets to their existing QuickBooks Online account.
- When a customer receives an invoice, they receive the option to pay by traditional methods, such as credit card, or by Bitcoin.
- Intuit does not currently charge any fee for this new service, and there is no fee for small businesses who use Coinbase
Intuit is providing the connectivity and software services to direct customers to the small business operators CoinBase wallet, and to record the transactions in QuickBooks Online. Intuit will not receive or hold any funds related to the PayByCoin transactions, either in USD or Bitcoins.