Adyen Teams Up with Intuit to Simplify Payments for SMBs

To simplify payments for SMBs, Adyen powers the integrations of fastest payments and cash flow management easily with QuickBooks Online, integrated with Adyen via Intuit.

TurboTax- and QuickBooks-purposed Intuit Inc., the financial technology giant, has forged a pact with Adyen, a fintech firm, namely so much to enhance small- and mid-market businesses' (SMBs) boosted experience in making payments in the UK. The agreement integrates the embedded payment services from Adyen into QuickBooks Online, which is popular worldwide-a platform for accounting by Intuit.

It is then designed to make it easier to handle this electronic payment process, which will be functioning also very well in the banking & finance landscape for SMBs. According to this survey, late payments cost the average UK business £22,000 every year and are contributing towards around 50,000 closures every year because of cash flow issues. Incorporating payments from Adyen means that the QuickBooks user will have access to faster payments through Adyen's UK banking license and connection to Faster Payments Services (FPS).

Currently, about 2.9 million invoices would be sent monthly through QuickBooks in the UK; Integration brings forth easing of payment friction and speedier cash flow in the payment process. Integration has already had different payment methods, automated invoicing, and error in manual transfers as possible into its alliance. With this move, Intuit is allocating that much for its grand strategy in the banking & finance world-the complete resource for growth, cash flow management, and more for the SMBs.

QuickBooks Product Director, Nick Williams, underscored the seamless payment experience merchants must have. According to Hemmo Bosscher, Adyen's statement said the partnership provided SMBs with payment solutions needed to succeed in eEconomy considering the many options flourishing in the banking & finance space.