Quickbooks is testing out its new QuickBooks Bitcoin Payments feature. It would allow merchants to accept bitcoins as payment and have them immediately converted into fiat, a service currently offered by Coinbase, BitPay and others.
QuickBooks is the accounting software package developed by Intuit. It streamlines the bookkeeping and accounting processes for small and medium-sized businesses and has recently added a point of sale (POS) solution.
The merchant would avoid all exposure to bitcoins, including the price volatility and the risk of loss that comes with hosting your own wallet.
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QuickBooks lauds Bitcoin for sparing merchants from the fees and fraudulent chargebacks found with credit card transactions. As for traditional payment options, “cash is troublesome to keep track of, checks have lots of friction (writing, mailing, depositing).”
The company experimented with bitcoins during “incubation week” and came up with this solution. Those interested are invited to sign up to the beta waiting list. They are gathering feedback, which already includes adding nxt and other cryptocurrencies, allow employees to get paid in bitcoins and tax/cost basis reporting.
It is unclear this point if the integration is being performed in-house or with a Bitcoin payment processing partner. This may very well determine the availability for alternative cryptocurrencies.