QuickBooks manufacturer Intuit has started a collaboration with Dutch payment company Adyen.

The partnership aims to help small and medium-sized enterprises (SMEs) in the UK manage electronic payments more easily, Adyen said in a press release on Wednesday (December 4).

The companies plan to initially integrate Adyen’s embedded payment services with Intuit’s business platform via QuickBooks Online, enabling the sending of approximately 2.9 million invoices per month in the UK

“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,” Adyen said in a press release, citing data from the Federation of Small Businesses and the UK government.

“With Adyen, Intuit Quickbooks customers enjoy 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.”

The press release said that according to the Office of the Small Business Commissioner, the UK economy could generate £2.5 billion every year if SMEs were paid on time.

According to Adyen, Intuit QuickBooks UK already integrates with popular payment platforms to offer a range of merchant services, reducing payment hassles for customers.

“By embedding Adyen’s payment capabilities and locally authorized Adyen payment services entities, Intuit is laying the foundation for future integration of comprehensive embedded financial products into its software,” the company said.

Research from PYMNTS Intelligence shows that late payments are a common problem for SMBs, with nearly two-thirds of small businesses struggling with late payments.

“Business-to-business (B2B) payments are essential to the economy, yet they often lag behind peer-to-peer (P2P) and consumer-to-business (C2B) models in terms of usability and security back,” wrote PYMNTS October.

“64 percent of businesses experience payment delays, with suppliers typically waiting an average of 43 days to receive funds.” This delay results in 80% of potential discounts going unclaimed, highlighting inefficiencies that are emerging can have a significant impact on cash flow and supplier relationships.”

The report added that embedded finance provides a compelling solution to the various challenges faced by accounts payable teams by integrating financial tools directly into their software. This eliminates the need for external banks or payment processors, streamlining transactions and improving security.

“The projected volume of embedded financial solutions is expected to rise to $7 trillion by 2026 (from $2.6 trillion in 2021), demonstrating the growing recognition of their value,” PYMNTS wrote.

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