Intuit, the QuickBooks maker, has allied with Dutch fintech firm Adyen to help SMBs in the UK achieve better payment automation. Together, they will help improve cash flow efficiency and make the payment process easier by implementing embedded financial solutions.
Streamlined Payment Management
The businesses will now enjoy speedier access to funds and a better choice of payment options on QuickBooks Online, which processes around 2.9 million invoices monthly in the UK. More effective payment management for QuickBooks users will be possible now, thanks to Adyen’s UK banking license and the Faster Payments Services (FPS).
Tackling Late Payments
UK SMBs have faced a significant challenge with late payments, which costs each business an average of £22,000 per year. It’s said to close 50,000 businesses annually. Through the integration of Adyen’s technology, Intuit looks forward to solving such problems that would help prevent cash flow disruptions for SMBs. On-time payments would then add an estimated £2.5 billion to the UK economy annually.
Key Benefits of the Collaboration
- Simplified Finance Operations: Automating improves cash flow management and reduces manual error.
- Easy Payment Options: Companies can offer card and bank payment to the customers to expedite a transaction
- Real-time Insights: Improves the tracking of account receivables, in turn, provides accurate financial control to an SMB
Strengthening SMB Growth
Nick Williams, Product Director at Intuit QuickBooks, stated, “We are thrilled to team up with Adyen to deliver seamless end-to-end financial management. This partnership ensures businesses benefit from faster settlements and improved convenience.”
Hemmo Bosscher, SVP at Adyen, added, “Together, we’re equipping SMBs with tools to thrive in a digital economy.”
This partnership is the next step in addressing inefficiencies in SMB payment systems and reinforces the role of embedded finance in the modern operations of business.
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