For years, Intuit has spent a large portion of its energy towards innovation. Intuit Labs, understandably, runs “Lab Experiments” to test and implement the newest innovations and technologies, package them into user-friendly software, and deploy them to small businesses around the world. Intuit Lab’s current “experiments” include a mobile POS solution called ShopOwner, a mobile application to ease waiting called Buzzer, and much much more. The newest of these projects, just announced today, is QuickBooks Bitcoin Payments.
[dropcap size=small]T[/dropcap]he Innovative team bringing QuickBooks Bitcoin Payments to life identified key problems and solutions:
There are two major barriers that prevent typical small businesses from taking bitcoin payments:
1) They need a bitcoin wallet. With recent news about Mt. Gox in the media, trusting a third party bitcoin wallet provider can be scary.
2) They don’t want to deal with price volatility. When it comes to their revenue, small businesses just want to deal with dollars.
Enter QuickBooks Bitcoin Payments, a bitcoin service that enables small businesses to take bitcoin payments without ever having a bitcoin wallet or ever seeing any bitcoins.
With QuickBooks Bitcoin Payments, you:
* Only see dollars when you accept bitcoin payments.
* Pay less on all bitcoin transactions. Compare that to 1.75% to 2.75% + fees on card transactions.
* Never worry about chargebacks from fraudulent buyers. Chargebacks don’t exist in bitcoin.
The innovators in this project are led by Charles Taira, who has worked at Intuit on mobile payments and payment platforms for the last year. His team is pictured below, and the Bitcoin community is eager to see this experiment play out.
As of 2009, QuickBooks holds approximately 89% of the small business accounting software market. In that same year, Intuit itself had $3.18 billion USD in revenue. TurboTax, another one of Intuit’s software successes, owns 39% of the retail tax preparation software market. Intuit also receives a large portion of its revenue from Quicken, which is a personal finance tool. TurboTax’s blog released a post to help users account for Bitcoin in their tax returns. This blog post was made on 3/26/14 and helped many people decide how to (or not to) report their taxes on Bitcoin.
Intuit Continues Making Big Moves
Intuit most recently made headlines with the 17th large acquisition of their corporate career. As reported by TechCrunch two weeks ago, Intuit bought Lettuce, a platform that allowed companies to manage both the inventory and ordering aspects of their businesses online. Intuit’s takeover of Lettuce, which cost Intuit a reported $30 million USD, represents a giant step towards ultimate consolidation of the business software industry. Small businesses around the world need to balance their tight time schedules between regulatory compliance and actual business matters. The former costs small businesses an arm and a leg while the latter is the only thing that brings in revenue.
With the announcement of QuickBooks Bitcoin Payments Beta for small businesses, Intuit is ensuring its continued success at the intersection of financial technological innovations and onerous regulatory compliance. If you are interested in joining QuickBooks Bitcoin Payments’ Beta Waiting List, click here.