As part of their collaboration, Intuit and Adyen plan to support small and medium-sized businesses (SMEs) in upgrading the management of electronic payments. Initially, the two companies intend to integrate Adyen’s Embedded Payment services into Intuit’s business platform via QuickBooks Online (QBO). The decision to partner follows recent data from the Federation of Small Business and the UK Government underlining that late payments cost UK SMEs approximately GBP 22,000 annually, in turn leading to 50,000 shutting down their doors each year due to cash flow difficulties.
Adyen’s collaboration with Intuit comes just weeks after the company partnered with Spendesk to assist SMEs in advancing their operations by providing them with embedded financial services. Spendesk selected Adyen for its full-stack BaaS coverage across multiple markets, aiming to mitigate complex multi-provider setups. Also, through Adyen’s UK banking licence, the alliance was set to allow customers to access the card customisation feature they require and integrate financial products beyond payments.
By teaming up with Adyen, Intuit QuickBooks customers are set to benefit from more payment options, while SMEs can receive their money more rapidly due to Adyen’s UK banking licence and direct connection to the real-time payment rails Faster Payments Services (FPS). In addition, the agreement with Adyen advanced Intuit’s strategy to integrate with tools that can further improve how customers experience the company’s platform and conduct their operations.
As part of the initial integration, the two companies intend to deliver several benefits, including minimised complexities and advanced insights, multiple payment options to pay invoices, reduced errors, and optimised accounts receivable tracking. Representatives from Adyen commented on the announcement, mentioning that the partnership merges Intuit’s financial tools with their company’s embedded financial technology to enable SMEs across a range of industries to benefit from augmented payment experiences, optimised everyday operations, and additional expansion opportunities. Together, the two organisations intend to centre their efforts on equipping SMEs with the tools they require to grow in the digital economy.
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