Intuit and Adyen Collaborate to Help Small and Mid-Market Businesses Get Paid Faster

Intuit Inc. (Nasdaq: INTU), known for its financial technology services like TurboTax, Credit Karma, QuickBooks, and Mailchimp, has partnered with Adyen, a preferred fintech provider for many top global firms. This collaboration aims to simplify electronic payment management for small and mid-sized businesses (SMBs). They will start by incorporating Adyen’s payment solutions into Intuit’s business platform via QuickBooks Online (QBO), which facilitates the sending of around 2.9 million invoices each month in the UK.

Delays in payments cost small and medium-sized businesses in the UK around £22,000 each year, leading to 50,000 businesses shutting down annually due to cash flow problems, as reported by the Federation of Small Businesses and the UK Government. With Adyen, users of Intuit QuickBooks will have access to more payment options, and small businesses will receive their money quickly, thanks to Adyen's UK banking license and its direct access to the Faster Payments Services (FPS) network. The Office of the Small Business Commissioner estimates that timely payments to these businesses could give a substantial boost to the economy, potentially adding £2.5 billion each year.

Intuit’s QuickBooks financial software is an integral part of its business ecosystem. With 6.5 million users, QuickBooks enables freelancers and small to medium-sized businesses to effectively manage their operations in one convenient location. This includes tasks like bookkeeping, payment processing, and cash flow management. The partnership with Adyen strengthens Intuit’s strategy to seamlessly integrate top-notch tools, enhancing how users interact with the entire Intuit platform and complete their tasks. Worldwide, 100 million customers utilize Intuit’s products daily, benefiting from an extensive range of tools that lead to increased customer acquisition, higher revenues, reduced costs, and streamlined operations, along with AI-driven insights that support growth.

Intuit QuickBooks UK has teamed up with well-known payment platforms to offer a variety of merchant services that make payments smoother for customers. By incorporating Adyen's payment solutions and using approved local Adyen entities for these services, Intuit is setting the stage to include more integrated financial products in its software over time. This first integration will bring several advantages:

Nick Williams, Product Director at Intuit QuickBooks, expressed his excitement about partnering with Adyen, stating, “We are excited to collaborate with Adyen to enhance financial management for our users. Adyen's payment system is built to offer a smooth payment experience for both merchants and customers, and we are delighted to incorporate this feature into QuickBooks Online to make handling money easier for our users. After a thorough evaluation, we selected Adyen for their quick settlement processes, strong risk management features, and leading status in the industry.”

Hemmo Bosscher, Senior Vice President of Platforms & Financial Services at Adyen, stated: “This partnership merges Intuit’s leading financial solutions with Adyen’s advanced embedded financial technology, providing small and medium-sized businesses in various sectors with enhanced payment experiences, easier day-to-day operations, and fresh growth possibilities. Together, we are giving SMBs the resources they need to succeed in a world that is becoming more digital.”