Intuit, the fintech platform behind Intuit TurboTax, Credit Karma, QuickBooks and Mailchimp, has partnered with Adyen to help SMBs streamline electronic payment management.

As part of their collaboration, Intuit and Adyen plan to help small and medium-sized businesses (SMEs) improve electronic payment management. 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 is based on recent data from the Federation of Small Business and the UK Government, which shows that late payments cost UK SMEs around £22,000 annually, which in turn results in 50,000 SMEs closing their doors each year due to cash flow difficulties have to close.

Adyen’s collaboration with Intuit comes just weeks after the company partnered with Spenderk to help SMEs grow their businesses by providing integrated financial services. Spenderk selected Adyen for its extensive BaaS coverage across multiple markets, with the aim of simplifying complex multi-provider setups. Through Adyen’s UK banking license, Allianz should also enable customers to access the card customization functionality they need and integrate financial products beyond payments.

Greater payment choice for SMEs

By working with Adyen, Intuit QuickBooks customers benefit from more payment options, while SMEs can receive their money faster thanks to Adyen’s UK banking license and direct connection to real-time payment rails Faster Payments Services (FPS). Additionally, the agreement with Adyen furthered Intuit’s strategy to integrate tools that can further improve customers’ experience with the company’s platform and the execution of their operations.

As part of the initial integration, the two companies aim to deliver several benefits, including minimized complexity and increased insights, multiple payment options for paying invoices, reduced errors and streamlined debtor tracking. Adyen representatives commented on the announcement, mentioning that the partnership brings together Intuit’s financial tools with their company’s embedded financial technology to enable SMBs across various industries to benefit from enhanced payment experiences, streamlined day-to-day operations, and additional expansion opportunities. Together, the two organizations aim to focus their efforts on equipping SMEs with the tools they need to grow in the digital economy.

For more information about Adyen, see the detailed profile in our dedicated, industry-specific company database.