Intuit, the fintech platform renowned for solutions like TurboTax, Credit Karma, QuickBooks, and Mailchimp, has announced a strategic partnership with Adyen, a global financial technology leader. This collaboration aims to revolutionize how small and medium-sized enterprises (SMEs) manage electronic payments, enhancing their cash flow and operational efficiency.
Key Details of the Partnership
Integration with QuickBooks Online (QBO)
Adyen’s Embedded Payment services will be integrated into Intuit’s QuickBooks Online, providing SMEs with streamlined electronic payment management tools. This integration addresses key pain points such as late payments, which cost UK SMEs an estimated GBP 22,000 annually and contribute to 50,000 business closures each year due to cash flow challenges.
Enhanced Payment Options for SMEs
Intuit QuickBooks customers will gain access to wider payment options, faster money transfers through Adyen’s UK banking license, and real-time payment rails like Faster Payments Services (FPS). This ensures SMEs can maintain healthier cash flow and mitigate delays.
Simplifying Financial Operations
The partnership focuses on minimizing complexities for SMEs by offering advanced insights, multiple payment methods for invoices, error reduction, and optimized accounts receivable tracking. These tools enhance how businesses interact with their customers and manage everyday operations.
A Broader Impact
The alliance is part of Intuit’s broader strategy to integrate advanced financial tools into its platform, empowering SMEs with seamless and comprehensive financial management capabilities. Adyen’s collaboration with Intuit follows its recent partnerships, including one with Spendesk, further highlighting its role as a leader in embedded financial technology.
Through this partnership, Intuit and Adyen are setting the stage for SMEs to thrive in the digital economy by enabling augmented payment experiences, smoother operations, and opportunities for growth.
To learn more about Intuit’s innovative solutions, visit QuickBooks Online. For details about Adyen’s technology, explore Adyen’s platform.
