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Intuit, the company behind QuickBooks, and Dutch fintech company Adyen have announced a partnership to improve payment automation for small and medium-sized businesses (SMEs) in the UK. The collaboration aims to simplify payment management and improve cash flow efficiency through embedded financial tools.

Streamlining payments for UK businesses

Adyen’s embedded payment services will be integrated into Intuit’s QuickBooks Online platform, which powers approximately 2.9 million monthly invoices in the UK. This partnership will offer UK SMEs a greater choice of payment methods and faster access to funds.

With Adyen, Intuit QuickBooks customers enjoy a wider range of payment options and quick access to funds. The integration leverages Adyen’s UK banking license and Faster Payments Services (FPS), a real-time payments network.

Addressing late payment challenges

Late payments have a significant impact on UK SMEs, costing each business an average of £22,000 per year. According to the Federation of Small Businesses, these delays lead to 50,000 business closures each year.

If SMEs received their payments on time, the UK economy could grow by £2.5 billion a year, according to the Office of the Small Business Commissioner. By embedding Adyen’s technology, Intuit aims to address these cash flow challenges and reduce the risk of business closures.

Benefits of collaboration

The initial integration of Adyen technology with Intuit QuickBooks provides several key benefits:

• Simplified financial processes: Automates financial tasks, integrates payable invoices, and provides clear insights into cash flow.
• Advanced payment options: Enables SMEs to easily accept bank and card payments.
• Error reduction: Reduces manual errors by automating bank transfer processes.
• Improved debtor tracking: Provides real-time visibility of paid and unpaid invoices for easier reconciliation.

Supporting SME growth

With over 6.5 million subscribers worldwide, QuickBooks provides financial management tools for sole proprietors and SMBs. This collaboration strengthens Intuit’s strategy to integrate best-in-class tools into its platform.

“Globally, 100 million customers rely on Intuit’s products every day for a comprehensive suite of tools,” Intuit said. These tools aim to reduce costs, improve efficiency, and drive growth through AI-powered insights.

Nick Williams, product director at Intuit QuickBooks, said: “We are excited to work with Adyen to help businesses benefit from comprehensive financial management on our platform.” Adyen’s payments platform is designed to provide merchants and their customers with a seamless payment experience offer.”

Future integration plans

The collaboration marks the first step toward more comprehensive embedded financial products in QuickBooks. By partnering with locally authorized Adyen companies, Intuit aims to offer more innovative financial solutions in the future.

Hemmo Bosscher, Adyen’s SVP Platforms & Financial Services, commented: “This collaboration combines Intuit’s best-in-class financial tools with Adyen’s cutting-edge embedded financial technology. Together we are equipping SMEs with the tools to succeed in an increasingly digital economy.”

Global and local impacts

The partnership highlights the growing role of embedded finance, which integrates financial tools directly into enterprise software. Embedded finance streamlines transactions, eliminates external banks and increases security.

The embedded finance market is expected to grow from $2.6 trillion in 2021 to $7 trillion in 2026. This growth highlights its importance in solving payment inefficiencies.

Diploma

By integrating Adyen’s payments technology, Intuit is revolutionizing the way UK SMEs manage payments. The partnership promises to simplify financial operations, improve cash flow and create opportunities for business growth. As payment automation becomes increasingly important, this collaboration sets a new standard for financial efficiency in the SME sector.

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