Intuit, the company behind QuickBooks, and Dutch fintech firm Adyen have announced a partnership to enhance payment automation for small and medium-sized businesses (SMBs) in the UK. The collaboration aims to simplify payment management and improve cash flow efficiency through embedded financial tools.
Streamlining Payments for UK Businesses
Adyen’s embedded payment services will integrate into Intuit’s QuickBooks Online platform, which facilitates approximately 2.9 million monthly invoices in the UK. This partnership will provide UK SMBs with a broader choice of payment methods and faster access to funds.
With Adyen, Intuit QuickBooks customers will enjoy a wider choice of payment options and fast access to funds. The integration leverages Adyen’s UK banking licence and Faster Payments Services (FPS), a real-time payment network.
Addressing Late Payment Challenges
Late payments significantly impact UK SMBs, costing each business an average of £22,000 annually. According to the Federation of Small Businesses, these delays contribute to 50,000 business closures every year.
If SMBs received payments on time, the UK economy could grow by £2.5 billion annually, according to the Office of the Small Business Commissioner. By embedding Adyen’s technology, Intuit aims to address these cash flow challenges and reduce the risk of business closures.
Benefits of the Collaboration
The initial integration of Adyen’s technology into Intuit QuickBooks offers several key advantages:
- Simplified Financial Processes: Automates financial tasks, integrates payment-enabled invoices, and provides clear cash flow insights.
- Enhanced Payment Options: Enables SMBs to accept bank and card payments easily.
- Error Reduction: Reduces manual errors by automating bank transfer processes.
- Improved Accounts Receivable Tracking: Offers real-time visibility of paid and unpaid invoices for easier reconciliation.
Supporting SMB Growth
QuickBooks, with over 6.5 million subscribers globally, provides financial management tools for sole traders and SMBs. This collaboration strengthens Intuit’s strategy to integrate best-in-class tools into its platform.
“Globally, 100 million customers rely on Intuit products every day for a comprehensive suite of tools,” Intuit said. These tools aim to reduce costs, improve efficiency, and drive growth with AI-powered insights.
Nick Williams, Product Director at Intuit QuickBooks, said: “We are thrilled to team up with Adyen so businesses can benefit from end-to-end financial management on our platform. Adyen’s payment platform is designed to provide a seamless payments experience for merchants and their customers.”
Future Integration Plans
The collaboration marks the first step towards broader embedded financial products within QuickBooks. By partnering with locally approved Adyen entities, Intuit aims to deliver more innovative financial solutions in the future.
Adyen’s SVP Platforms & Financial Services, Hemmo Bosscher, commented: “This collaboration combines Intuit’s top-tier financial tools with Adyen’s cutting-edge embedded financial technology. Together, we’re equipping SMBs with tools to thrive in an increasingly digital economy.”
Global and Local Impacts
The partnership highlights the growing role of embedded finance, which integrates financial tools directly into business software. Embedded finance streamlines transactions, eliminates external banks, and boosts security.
The embedded finance market is projected to grow from $2.6 trillion in 2021 to $7 trillion by 2026. This growth underscores its importance in solving payment inefficiencies.
Conclusion
By integrating Adyen’s payment technology, Intuit is revolutionising how UK SMBs manage payments. The partnership promises to simplify financial operations, improve cash flow, and create opportunities for business growth. As payment automation becomes increasingly critical, this collaboration sets a new standard for financial efficiency in the SMB sector.
