Intuit Inc. (Nasdaq: INTU), the global financial technology platform behind TurboTax, Credit Karma, QuickBooks, and Mailchimp, has partnered with Dutch payments giant Adyen to revolutionise how small and medium-sized businesses (SMBs) in the UK manage payments.
This collaboration integrates Adyen’s advanced payment services into Intuit’s QuickBooks Online (QBO) platform, which facilitates approximately 2.9 million invoices monthly in the UK.
Addressing the Late Payment Crisis
Late payments are a persistent challenge for SMBs, costing them an average of £22,000 annually and leading to 50,000 business closures each year due to cash flow issues, according to data from the Federation of Small Businesses and the UK Government.
By leveraging Adyen’s UK banking license and direct connection to Faster Payments Services, QuickBooks customers will enjoy faster settlements and a broader range of payment options. According to the Office of the Small Business Commissioner, This initiative can unlock £2.5 billion annually for the UK economy.
Nick Williams, Product Director at Intuit QuickBooks, emphasised the importance of the collaboration:
“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 payment experience for merchants and their customers, and we are pleased to bring this capability to our users.”
Streamlined Financial Management for SMBs
The integration of Adyen’s capabilities into QuickBooks Online delivers significant benefits, including:
- Automation: Streamlining financial processes by syncing accounts and payment-enabled invoices to offer real-time insights into revenue and cash flow.
- Multiple Payment Options: Enabling customers to pay via bank transfer or card, simplifying the payment process.
- Error Reduction: Automating payments to minimise errors associated with manual transactions.
- Improved Tracking: Providing up-to-date records of paid and unpaid invoices for easier reconciliation and bookkeeping.
Hemmo Bosscher, SVP of Platforms & Financial Services at Adyen, noted:
“This collaboration combines Intuit’s top-tier financial tools with Adyen’s cutting-edge embedded financial technology, empowering SMBs across various industries with optimised payment experiences, simplified everyday operations, and new growth opportunities.”
A Future of Embedded Finance
This partnership also lays the groundwork for broader financial solutions within the QuickBooks platform. Embedded finance, a market projected to grow to $7 trillion by 2026, integrates financial tools directly into software, eliminating the need for external banks or payment processors.
Globally, Intuit supports 100 million customers daily, with its QuickBooks platform serving 6.5 million SMBs and sole traders. This collaboration exemplifies Intuit’s commitment to innovation and its strategy to deliver best-in-class tools that drive growth and operational efficiency.
Also Read: Increased Investment in the Global Tech Industry Driving Many Sectors
Empowering SMBs in a Digital Economy
As SMBs continue to navigate a fast-evolving digital economy, the Intuit-Adyen collaboration is a decisive step toward addressing payment inefficiencies. By providing tools that streamline payments, improve cash flow, and reduce administrative burdens, this partnership empowers small businesses to thrive.
About Intuit
Intuit is the global financial technology platform that powers prosperity for 100 million customers worldwide through products like TurboTax, Credit Karma, QuickBooks, and Mailchimp. Learn more at Intuit.com.
About Adyen
Adyen (ADYEN: AMS) is the payment platform for global businesses such as Meta, Uber, and Microsoft, offering end-to-end payment solutions, insights, and financial products in one system. Visit Adyen.com for more information.
