Intuit partners with Adyen to support SMEs in managing payments

Intuit, the financial technology company responsible for TurboTax, Credit Karma, QuickBooks, and Mailchimp, has teamed up with Adyen to help small and medium-sized enterprises (SMEs) improve their electronic payment processes.

Intuit and Adyen are teaming up to help small and medium-sized enterprises (SMEs) improve how they handle electronic payments. The first step in this collaboration involves incorporating Adyen’s Embedded Payment services into Intuit’s QuickBooks Online platform. This partnership comes in response to recent statistics from the Federation of Small Business and the UK Government, which reveal that late payments are costing UK SMEs around £22,000 each year. This financial strain is a significant factor contributing to the closure of approximately 50,000 businesses annually due to cash flow challenges.

Adyen has teamed up with Intuit only a few weeks after its collaboration with Spendesk, where the goal was to support small and medium-sized enterprises (SMEs) in enhancing their operations with integrated financial services. Spendesk chose Adyen because of its comprehensive Banking as a Service (BaaS) solutions available in various markets, which helps simplify complicated setups involving multiple providers. Additionally, thanks to Adyen's banking license in the UK, this partnership will enable customers to utilize card customization options and expand their access to financial products beyond just payment solutions.

Expanded Payment Options For SMEs

Through a partnership with Adyen, Intuit QuickBooks users will enjoy a wider range of payment options, and small and medium-sized enterprises (SMEs) will be able to receive their payments faster thanks to Adyen’s UK banking license and direct access to the Faster Payments Services (FPS) for real-time transactions. Furthermore, this collaboration aligns with Intuit’s goal to integrate with additional tools that enhance customer experiences and streamline their business operations on the platform.

In the early stages of their collaboration, the two companies plan to offer a variety of advantages, such as simplifying processes, providing enhanced insights, offering diverse payment methods for settling invoices, decreasing mistakes, and improving accounts receivable management. A spokesperson from Adyen shared their thoughts on this partnership, highlighting how it combines Intuit's financial solutions with Adyen's integrated financial technology. This collaboration aims to empower small and medium enterprises (SMEs) from different sectors by enhancing their payment experiences, streamlining daily operations, and creating more opportunities for growth. Together, both organizations are focused on equipping SMEs with the necessary resources to thrive in the digital marketplace.