US financial and tax preparation software development firm Intuit has recently revealed its plans for a Bitcoin payment solution called “QuickBooks Bitcoin Payments Beta”.
While the company’s flagship product QuickBooks leads the pack in the small business accounting software market with an 89% share, Intuit is looking to the future of Ecommerce, most notably Bitcoin acceptance for merchants.
The team behind QuickBooks Bitcoin Payments Beta, when developing the small merchant solution, kept 2 key factors in mind which are currently preventing widespread adoption of the cryptocurrency amongst smaller merchants.
1) The need of a Bitcoin wallet. 3rd party BTC wallet and storage services have taken a credibility hit lately. The MtGox exchange filed for bankruptcy leaving many simply without answers as to where their funds are. Being able to trust a 3rd party service has become difficult, especially when it concern your business’ income.
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2) Price instability. As Bitcoin is a non-regulated or governed currency, the price of a single Bitcoin is not as stable as conventional tender. Some merchants steer clear of Bitcoin in fear they might lose money when it’s time to cash out.
Intuit’s solution solves these concerns by offering a service that does not require a Bitcoin wallet and completes conversions into USD in real-time. Merchants will not deal with Bitcoin hands-on, and payouts will be made in dollars. Other positives relate to Bitcoin’s nature as a payment method, such as lower fees than traditional payment methods and the inability to chargeback a transaction.
QuickBooks Bitcoin Payments is currently in beta and is invite-only from Intuit. Interested merchants can sign up to the waiting list on the product’s main page.
Intuit’s approach to Bitcoin is simplistic compared to other similar services. Recently Circle released its simplified Bitcoin payment solution, and is also currently invite-only.