Wednesday, November 12, 2014

INTUIT ADDS BITPAY TO PAYBYCOIN, ALLOWING USE IN QUICKBOOKS ONLINE! VIA /R/BITCOIN

Posted on 9:39 AM by Unknown
Julia Peterson for BitPay writes: Businesses that use QuickBooks Online can now give their clients the option of paying invoices with bitcoin, thanks to Intuit’s integration of BitPay. Businesses with a BitPay merchant account can seamlessly accept bitcoin payments through Intuit’s PayByCoin service, and receive a next-day settlement to their local bank account.
Intuit’s addition of BitPay will allow over 700,000 businesses who use Intuit’s Quickbooks Online to accept bitcoin payments with the global leader in bitcoin payment processing.
Businesses trying to collect payments from cross-border clients often find it cumbersome to negotiate a bank transfer. Similarly, businesses trying to pay vendors internationally also suffer the same headaches. With bitcoin, cross-border B2B transactions are simple and seamless, thanks to Intuit and BitPay.
Both BitPay’s service is and Intuit’s PayByCoin service are completely free, making bitcoin the cheapest and most convenient payment option for any business to receive payment. (end).   We came across the following conversation on this over at Reddit:
all 26 comments
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[–]teelm 15 points  
Intuit’s addition of BitPay will allow 624,000 businesses who use Intuit’s Quickbooks Online to accept bitcoin payments
(ʘ‿ʘ)
[–]Cocosoft 4 points  
300 bits /u/changetip
[–]changetip 4 points  
The Bitcoin tip for 300 bits ($0.11) has been collected by teelm.
[–]teelm 3 points  
Thanks! Will tip it forward today
[–]travwill 8 points  
Nice, this is actually pretty use. So many small businesses and storefronts choose to use QuickBooks for their POS. This really opens up the option to a lot of people.
Wandering if you just need a printer to print QR code with it on it or integrated small display - interesting...
[–]GreenGrasshopper 5 points  
I was excited to hear about NCR, but this news is awesome. My parents owns a liquor store that Use QuickBooks POS. I'll look into this and I'm sure I can convince them to accept bitcoins if it's an easy transaction process.
[–]bopplegurp 3 points  
Still waiting to spend my BTC at a store in person :(
[–]BitByTip 5 points  
0.01 BTC /u/changetip private
[–]bopplegurp 1 point  
thanks, sir
[–]canadian1969 0 points  
And what, stand there for an hour waiting for confirms? how's that gonna work?
[–]danielravennest 1 point  
You know, this has been debunked lots of times. Maybe you should read up.
For a small purchase, like buying a soda at a convenience store, the loss to a double-spend is small for the business, and the odds of a double-spend are 1 in 10,000 last time I looked. So they go ahead and complete the sale without waiting for confirmation.
For a medium purchase, like a piece of furniture, they might pull up your sending address, and check that the funds in it are well-confirmed (at least 6). Then they wait after you send them your payment for a few minutes to make sure no other spend appears from that address except to them.
Network propagation time is on the order of seconds, so within minutes they can be pretty sure no other transaction can come ahead of theirs, and their payment is good. With a furniture item, you have to arrange delivery details, or they have to move it from the display area to your vehicle anyway, so by the time that's done, the minutes to be sure payment is good is over.
For a big purchase, like a house, your funds are required to be in escrow at the closing attorney, and the stack of paperwork to sign takes at least an hour. So waiting an hour for 6 confirmations is not an issue, you had to get your funds to them ahead of time anyway.
If you think waiting is a problem, provide an example where the type of purchase and waiting time actually causes an inconvenience. In the above examples it does not.
[–]gregalam 3 points  
I just tried it out. I don't know about the POS, but for the regular QuickBooks Online e-invoice it shows a QR code.
The setup was very easy to do. I like this integration a lot better than the Coinbase integration, since the Coinbase integration requires that the customer also have a Coinbase account.
[–]ctfn00b 7 points  
I wonder if there is an awareness campaign that goes into this for Intuit customers. A feature is only useful to people tha tnknow about it.
[–]jackmaninov 1 point  
I'm sure Bitpay's sales team can go on the attack and follow up with their known Quickbooks Online leads. Hope Intuit shared a client list with them as part of the deal as well ;)
[–]cqm 4 points  
Now, if only registered agents would take the burgeoning cryptocurrency
[–]typedweb 3 points  
I think this is pretty huge news actually. QuickBooks is the defacto accounting system for a lot of people and the fact they are doing this is amazing and really showing where things are going in the future.
[–]kajunkennyg 1 point  
Yep, I've tried to convince a few local business owners to accept bitcoin and got denied for this an other reasons. This will make things easier if the install is user friendly. Would love some feedback on this.
[–]NowellAssociate 2 points  
Xero is another excellent online accountancy solution and Nowell Associates have been trying to see if we can get Xero to add native bitcoin support, via dialog with our account manager and also via twitter:
Something that our clients quite honestly need. If this is something you would like to see integrated into Xero then it may well be worth you speaking to your Accountant, Xero account manager or these chaps in order to let them know that there is demand out there, for this functionality.
[–]kiisfm 1 point  
Enjoy a dunkindonut on me /u/changetip
Learn more at /r/Bitcoin/
[–]changetip 1 point  
/u/stitchmajor, kiisfm wants to send you a Bitcoin tip for a dunkindonut (273 bits/$0.10). Follow me to collect it.
[–]KobiOKC 1 point  
That's pretty huge.
[–]inbtcwetrust 1 point  
another great news
[–]CryptoDonDraper 1 point  
[–]stitchmajor[S] 5 points  
If you read the comments they are months old and not about this but a previous integration.
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