Intuit to Integrate Bitcoin Payment as it launches PayByCoin Services in Australia

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Intuit to Integrate Bitcoin Payment as it launches PayByCoin Services in Australia

In an announcement, Intuit has said that the customers in Australia may now pay Bitcoin to buy goods and items. The new service that will allow QuickBooks Online users to accept the virtual currency Bitcoin as a form of payment from customers has come after the company launched its PayByCoin services in Australia.

According to the press release from the firm the free service, called PayByCoin, integrates QuickBooks Online with global Bitcoin payment processor BitPay to enable users to invoice and accept payments in Bitcoin and receive a next-day settlement to their bank account. The much awaited service will help customers use Bitcoin to buy goods and services at Intuit.

As Australia is moving ahead towards pro-Bitcoin ecosystem, the development has given food for thought for other businesses to embrace the digital currency. Now with the announcement small businesses using Intuit’s cloud accounting software QuickBooks Online will be able to offer their customers the option to pay for goods and services with Bitcoin.

Nonetheless, the launch of QuickBooks’ BitPay integration in Australia has come just days after lawmakers in Silicon Valley’s home state, California, move to ban unlicensed Bitcoin businesses in the state. There are several opinions coming from legislators at various parts of the world; whereas the progressive legislators advocate for Bitcoin, conservatives are against it.

The ambiguity about the legality of Bitcoin as a currency is a major issue for Bitcoin users as well because it puts lots of restrictions on the use. Whereas the IRS of the US considers Bitcoin as a commodity, some authorities are willing to consider Bitcoin as a method of payment and very much like a national currency without any backup from any government bank.

Added Advantages with Bitcoin Payment Option

Now that Intuit, which also makes the Quicken personal financial software, has announced the local launch of its PayByCoin service, lots of users will have additional paymention option. Director of Intuit Australia Nicolette Maury says that the service has already gained traction among early adopters in its home country, the United States.

Nonetheless, as the PayByCoin platform integrates with BitPay’s Bitcoin payment API, with merchants receiving next-day bank account settlements from Bitcoin payments, it will be a user-friendly affair for the subscribers of the services. There are several benefits from Bitcoin payments; for instance, charges are low and transfers done at real time scenario.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com