Intuit has enhanced the QuickBooks Online cloud accounting system with the addition of Bitcoin as a payment option.
Thanks to a deal with Bitcoin payment processor BitPay, QuickBooks Online users can now invoice and receive payments in Bitcoin.
Funds received in this way are converted to 'real money' and deposited to the business's bank account the following day.
Called PayByCoin, the service is fee-free, simplifies international transactions, eliminates chargebacks, and provides prompt settlement.
Intuit Australia did not say how the service is financed. BitPay states that merchants receive $1 for every $1 they charge, and that it offers the best conversion rate available from any of the major Bitcoin exchanges, so that margin is presumably sufficient for BitPay to turn a profit.
PayByCoin can be activated from QuickBooks Labs and then managed via the Company Settings page.
Intuit is not involved in the actual PayByCoin transactions, it merely provides connectivity and integration between QuickBooks Online and BitPay.
Other examples of small business software with Bitcoin integration include the Vend POS system, while CoinJar Checkout is another service that simplifies Bitcoin payments when the merchant wants to receive Australian Dollars.