Bitcoin Payments on Magento Stores

The problem for Australian business and individuals to date with Bitcoin is how do you draw out or convert your funds to real currency. The First Bitcoin ATM in Brisbane turned out to be a bit of a scam. But Bitcoin is slowly being pickup by bigger players in the market.

No one likes banks thats for sure. Moving money around in a digitial age is absolutely 1920s. Even with Paypal I found this week your deposited funds don't process for 3-5 days! Drawing out is a similar painful process.

Bitcoin payment extensions are available for Magento already, but all you can do currently is use them to buy limited other online goods and services. You can't pay your rent or staff with Bitcoin.

Enter Intuit they have announced they will do next day bank settlements for Bitcoin transactions. This opens up a whole new world for online retailers. For me I am very excited, we have three eCommerce business running under Mebsites and we use many of Intuits products successfully including Quickbooks. We find sales increase everytime we add another method of payment.

Additionally, once in a while we will have a client who can not met the credit requirements of opening a business Paypal or Banking gateway account. This now gives them another payment option.

Bibiliography:

Dailius Wilson (2015). Intuit Introduces Its Bitcoin Payment Service PayByCoin in Australia. [ONLINE] Available at: http://www.increasemyonlinebusiness.com/intuit-introduces-bitcoin-payment-service-paybycoin-australia/. [Last Accessed 19/03/2015].

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Senior Developer at Mebsites on the Gold Coast, Queensland, Australia. Mebsites is an acclaimed Magento and Custom Framework Web Software coding house.
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