Intuit Partners with Adyen to Streamline Payments for U.K. SMBs

Intuit, the company behind QuickBooks, has partnered with Dutch payments firm Adyen to help small and medium-sized businesses (SMBs) in the U.K. better manage their electronic payments. The collaboration, announced on December 4, integrates Adyen's payment services into Intuit's QuickBooks Online platform, which currently processes approximately 2.9 million invoices each month in the U.K.

This partnership aims to address the significant issue of late payments, which cost U.K. SMBs an average of £22,000 annually. Adyen’s integration will offer QuickBooks users more payment options and faster access to funds thanks to its U.K. banking license and direct connection to the Faster Payments Services, which allows for real-time transactions.

Adyen's partnership with QuickBooks is particularly timely, as the U.K. government reports that late payments contribute to around 50,000 business closures each year. By providing SMBs with improved payment capabilities and faster processing times, the initiative is expected to ease cash flow issues and help businesses stay afloat. According to research, if U.K. SMBs were paid on time, it could inject £2.5 billion annually into the economy.

The collaboration also positions Intuit to expand its embedded finance offerings. This move is part of a broader trend in financial services, where companies integrate payment solutions directly into business management software. This shift aims to reduce reliance on third-party banks or processors, offering a more seamless and secure transaction experience for SMBs.

As part of the broader trend in embedded finance, the market is expected to grow from $2.6 trillion in 2021 to $7 trillion by 2026, reflecting increasing demand for integrated financial tools that enhance efficiency and security in B2B payments.