Intuit and Adyen Revolutionize UK SMB Payments: A Game-Changer for Small Businesses

Late payments cost UK SMBs £22K annually—Intuit and Adyen aim to change that.

In a historic cooperation, Intuit, the creator of QuickBooks, has partnered with Dutch payments behemoth Adyen to transform the way small and medium-sized businesses (SMBs) in the UK manage electronic payments. This agreement integrates Adyen's sophisticated and advanced payment technology into Intuit's online QuickBooks platform, benefiting the 2.9 million invoices sent monthly by UK SMBs. The timing could not be more important. Late payments cost UK small and medium-sized businesses and average of £22,000 every year, causing 50,000 businesses to collapse due to cash flow problems.

QuickBooks users will benefit from speedier fund transfers and more payment alternatives after integrating Adyen's real-time payment systems. Adyen's UK banking licence and integration with Faster Payments Services will result in immediate improvements in cash flow and operational efficiency for SMBs. This collaboration is about more than just payments; it's part of a broader trend toward embedded finance. By integrating financial tools directly into company platforms, SMBs can eliminate the necessity for external processors, avoid transaction friction, and improve security.

Adyen's direct links to real-time payment rails are transformative, addressing inefficiencies that leave suppliers waiting an average of 43 days for funds—a delay that results in 80% of possible discounts going unclaimed. With the embedded finance market expected to increase from $2.6 trillion in 2021 to $7 trillion by 2026, this collaboration exemplifies the future of secure, smooth financial transactions.

The partnership shows Intuit and Adyen's shared dedication to empowering SMBs, guaranteeing their financial stability, and promoting innovation in the UK business ecosystem. They are ready to lead the underlying finance revolution through incorporating cutting-edge payment solutions that determine new norms for efficiency and growth.