Intuit and Adyen are working together to help small and medium-sized businesses get paid faster

Intuitive Inc. (Nasdaq: INTU), the global financial technology platform behind TurboTax, Credit Karma, QuickBooks and Mailchimp, has announced a collaboration with Adyenthe fintech of choice for many of the world’s leading companies to help small and medium-sized businesses (SMEs) manage electronic payments more easily. The two companies will initially integrate Adyen’s embedded payment services into Intuit’s business platform via QuickBooks Online (QBO), enabling the sending of approximately 2.9 million invoices per month in the UK.

According to the Federation of Small Businesses and the UK Government, late payments cost UK SMEs an average of £22,000 annually and contribute to 50,000 business closures each year due to cash flow problems. With Adyen, Intuit Quickbooks customers benefit from a wider range of payment options, and SMEs receive their funds quickly thanks to Adyen’s UK banking license and direct connection to real-time payment rails Faster Payments Services (FPS). According to the Office of the Small Business Commissioner, paying SMEs on time could boost the economy by an estimated £2.5 billion a year.

Intuit QuickBooks financial software is provided as part of Intuit’s business platform. Serving 6.5 million subscribers, QuickBooks helps sole proprietors and SMBs grow and run their businesses in one place, including managing their books, getting paid, and managing cash flow. The collaboration with Adyen strengthens Intuit’s broader strategy to integrate with best-in-class tools to further revolutionize the way customers experience the entire Intuit platform and do their work. 100 million customers worldwide rely on Intuit products every day, with a comprehensive suite of tools that drive more customers, more revenue, lower costs and less administrative burden, along with AI-powered insights that drive growth.

Intuit QuickBooks UK already integrates with popular payment platforms to offer a range of merchant services that help reduce payment hassles for customers. By embedding the payment capabilities of Adyen and locally authorized Adyen payment services companies, Intuit lays the foundation for future integration of comprehensive embedded financial products into its software. The initial integration provides the following benefits:

• Eliminate complexity, gain insights: Further automate financial processes by integrating accounts and payable invoices to determine revenue and cash flow positions.
• Offer multiple payment options to pay bills: Offer your customers bank and card payment methods through Adyen’s payment platform to make it easier for customers to pay.
• Error reduction: Reduce the risk of errors in manual bank transfers by automating the process.
• Easier Accounts Receivable Tracking: Get a complete and up-to-date picture of paid and unpaid invoices for easier reconciliation and accounting.

Nick Williams, product director at Intuit QuickBooks, says: “We are excited to partner with Adyen to enable companies to benefit from comprehensive financial management on our platform. Adyen’s payment platform is designed to provide merchants and their customers with a seamless payment experience. We are pleased to offer this opportunity to our users, improving the convenience of transacting money on QuickBooks Online. We conducted a rigorous selection process and chose Adyen based on its fast turnaround times, comprehensive risk tools and market-leading position.”

Hemmo Bosscher, SVP Platforms & Financial Services at Adyen, commented: “This collaboration combines Intuit’s best-in-class financial tools with Adyen’s cutting-edge embedded financial technology, providing SMBs across a range of industries with streamlined payment experiences, simplified day-to-day operations and new growth opportunities.” Together, we are equipping SMBs with the tools to thrive in an increasingly digital economy be.”