Intuit Inc., the financial technology platform behind TurboTax, Credit Karma, QuickBooks, and Mailchimp, is collaborating with fintech firm Adyen to help small and mid-market businesses more easily manage electronic payments. The two companies will initially integrate Adyen’s embedded payment services into Intuit’s business platform through QuickBooks Online which enables approximately 2.9 million invoices to be sent monthly in the UK.
Late payments cost UK SMBs an average of £22,000 annually, contributing to 50,000 business closures each year due to cash flow issues, according to the Federation of Small Businesses and the UK Government. With Adyen, Intuit Quickbooks customers will enjoy a wider choice of payment options, and SMBs will receive their funds fast thanks to Adyen’s UK banking license and direct connection to the real-time payment rails Faster Payments Services (FPS). According to the Office of the Small Business Commissioner, if SMBs were paid on time, this could boost the economy by an estimated £2.5 billion annually.
Intuit QuickBooks financial software is delivered as part of Intuit’s business platform. Serving 6.5 million subscribers, QuickBooks helps sole traders and SMBs grow and run their business all in one place, including managing their books, getting paid and managing cashflow. The collaboration with Adyen reinforces Intuit’s wider strategy to integrate with best-in-class tools to further revolutionise how customers experience the entire Intuit platform and get work done. Globally, 100 million customers rely on Intuit products every day for a complete suite of tools that result in more customers, more revenue, lower expenses and less work to manage, alongside AI-powered insights that help fuel growth.
Intuit QuickBooks UK already integrates with popular payment platforms to accommodate a range of merchant services that help reduce payment friction for customers. By embedding Adyen’s payments capabilities, and locally approved Adyen entities for payment services, Intuit lays the groundwork for integrating broader embedded financial products into its software in the future. The initial integration will provide the following benefits:
- Eliminate complexity, gain insight: Further automate financial processes with integration of accounts and payment-enabled invoices to ascertain revenue and cashflow positions.
- Offer multiple payment options to get invoices paid: Offer customers pay-by-bank and card payments methods through Adyen’s payment platform, so customers can pay more easily.
- Error reduction: Reduce the risk of errors associated with manual bank transfers, by automating the process.
- Easier accounts receivable tracking: Receive a complete and up to date picture of paid and unpaid invoices for easier reconciliation and bookkeeping.
Nick Williams, Product Director at Intuit QuickBooks says: “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, and we are pleased to bring this capability to our users, improving the convenience of money movement on QuickBooks Online. We conducted a rigorous selection process and chose Adyen due to their fast settlement times, comprehensive risk tools, and market leading position.”
Hemmo Bosscher, SVP Platforms & Financial Services at Adyen commented: “This collaboration combines Intuit’s top-tier financial tools with Adyen’s cutting-edge embedded financial technology, empowering SMBs across a range of industries with optimised payment experiences, simplified everyday operations, and new growth opportunities. Together, we’re equipping SMBs with tools to thrive in an increasingly digital economy.”
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Tags: Accounting, Small Business
