To streamline electronic payments for small and mid-market businesses (SMBs), Intuit, the global financial technology platform that powers TurboTax, Credit Karma, QuickBooks, and Mailchimp, has formed a partnership with Adyen, a prominent fintech provider. Through this collaboration, Adyen's embedded payment services will integrate with Intuit’s QuickBooks Online (QBO), facilitating approximately 2.9 million monthly invoices in the UK. This integration enables faster fund transfers through Adyen's UK banking license and real-time Faster Payments Services (FPS), addressing late payments—a critical issue costing UK SMBs $27,000 annually and contributing to 50,000 closures yearly. By leveraging Adyen’s Faster Payments Services (FPS) and UK banking license, SMBs will benefit from quicker settlements and diverse payment options, potentially boosting the economy by $3.1 billion annually.
Serving 6.5 million subscribers globally, Intuit QuickBooks offers financial tools to help SMBs and sole traders manage operations and grow their businesses. Intuit’s collaboration with Adyen aligns with its strategy of integrating best-in-class solutions to optimize user experiences. Adyen, recognized for its extensive payment capabilities and partnerships with companies such as Uber and Meta, contributes state-of-the-art technology to this initiative. Leaders from both companies emphasize the partnership’s potential to empower SMBs with tools for seamless payments, reduced manual errors, and new growth opportunities in the digital economy.
