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Banking and Insurance
Business Honor
05 December, 2024
Intuit partners with Adyen to enhance electronic payment management for SMBs through QuickBooks Online
Intuit Inc., the financial technology platform behind TurboTax, Credit Karma, QuickBooks, and Mailchimp, has said it will collaborate with fintech firm Adyen to help small and mid-market businesses (SMBs) better manage electronic payments. The integration will begin by embedding Adyen's payment services directly into Intuit's QuickBooks Online, which sends approximately 2.9 million invoices every month in the UK. This measure will go straight to the heart of one of the most critical challenges facing late payments: an average annual cost to UK SMBs of £22,000 and responsible for 50,000 business closures a year through cash flow problems, Federation of Small Businesses and UK Government statistics show.
This integration will open up QuickBooks users to a much wider scope of payment options, which include faster payments through the UK banking license of Adyen and its direct connection to Faster Payments Services. According to the Office of the Small Business Commissioner, on-time payments can boost the UK economy by £2.5 billion annually.
With a worldwide user base of 6.5 million subscribers, QuickBooks enables sole traders and SMBs to manage books, cash flow, and invoices from one place. Intuit's strategy of partnering with best-in-class tools enhances the overall customer experience further through this partnership with Adyen. The pay-by-bank and card payment options will eliminate friction on payments, reduce errors resulting from manual entry, and make accounts receivable easier to track.
According to Nick Williams, Product Director at Intuit QuickBooks, this partnership is exciting because the company benefits from Adyen's fast settlement times and a comprehensive set of risk tools. Hemmo Bosscher, SVP Platforms & Financial Services at Adyen, said, "This partnership will enable small businesses to be better prepared for optimized payment experiences and new growth opportunities in the digital economy."
Initial integration is part of a wider plan to incorporate more financial products into the QuickBooks platform, further strengthening its capability for SMBs across the world.