Adyen and Intuit Join Forces to Streamline Payments for UK Small Businesses
In a major move to support small and medium-sized businesses (SMBs) in the UK, fintech giants Adyen and Intuit have announced a strategic partnership aimed at simplifying and speeding up the electronic payment process for thousands of businesses. This collaboration is set to provide QuickBooks Online users with more robust payment solutions, including faster fund transfers and a wider selection of payment methods.
Adyen, a leading global payments provider, has integrated its embedded payment services into Intuit’s QuickBooks Online, which is widely used by UK businesses to manage their finances. This integration will benefit the approximately 2.9 million invoices sent each month through the platform, significantly improving the way SMBs handle payments. With this integration, businesses will now be able to receive payments more quickly, thanks to Adyen’s direct connection to the UK's real-time payment system, Faster Payments Services (FPS). This means that SMBs can expect faster settlement times, helping to address one of the most pressing issues for small businesses—late payments.
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Late payments have long been a burden for UK SMBs, with data from the Federation of Small Businesses revealing that they cost businesses an average of £22,000 per year, contributing to the closure of 50,000 businesses annually. The collaboration between Adyen and Intuit is a direct response to these challenges. By embedding Adyen’s payment platform, QuickBooks customers will be able to offer their clients a wider array of payment options and enjoy the benefit of faster cash flow. This integration also paves the way for further financial products and services, streamlining the payment experience and reducing friction for businesses.
The move comes at a time when the issue of late payments has become even more critical, with research showing that almost two-thirds of small businesses face delayed payments, waiting on average 43 days to receive funds. This delay can lead to missed opportunities, such as unclaimed discounts, and can strain relationships with suppliers and customers alike. By offering a seamless payment experience, the partnership between Adyen and Intuit aims to mitigate these challenges and empower SMBs to thrive in an increasingly digital economy.
Nick Williams, Product Director at Intuit QuickBooks, highlighted the importance of Adyen’s platform in providing a smooth and secure payment experience for businesses. He stated, “We chose Adyen due to their fast settlement times, comprehensive risk tools, and their market-leading position in payments. This partnership will bring tangible benefits to our customers by enabling them to get paid faster and manage their cash flow more effectively."
This collaboration marks a significant step forward for both companies in their efforts to enhance the payment experience for small businesses. For Adyen, it reinforces its commitment to offering innovative payment solutions to merchants across various sectors, while for Intuit, it supports its mission to provide businesses with the tools they need to manage and grow their operations effectively.
Looking ahead, this partnership could pave the way for even more integrated financial tools, helping SMBs unlock new growth opportunities while minimizing the complexities of traditional payment systems. As the world of payments continues to evolve, solutions like these will be essential in ensuring that small businesses can compete and thrive in the digital age.
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