The collaboration between Intuit and Adyen represents a significant advancement in business payment automation for small and mid-market businesses (SMBs) in the UK. By integrating Adyen's payment services into Intuit's QuickBooks Online (QBO) platform, this partnership aims to streamline the payment process, allowing SMBs to receive payments more swiftly and efficiently . The integration will not only provide multiple payment options but also facilitate faster settlements through Faster Payments Services (FPS), thereby addressing one of the critical challenges that UK SMBs face: late payments.
The companies plan to initially integrate Adyen’s embedded payment services into Intuit’s business platform through QuickBooks Online which allows approximately 2.9 million invoices to be sent monthly in the U.K.
“Late payments cost UK SMBs an average of £22,000 annually, contributing to 50,000 business closures each year due to cash flow issues,” Adyen said in a news release, citing data from the Federation of Small Businesses and the U.K. government.
“With Adyen, Intuit Quickbooks customers will enjoy a wider choice of payment options, and SMBs will receive their funds fast thanks to Adyen’s UK banking license and direct connection to the real-time payment rails Faster Payments Services.”
The release notes that — per the Office of the Small Business Commissioner — the U.K. economy could see 2.5 billion pounds each year if SMBs were paid on time.
Late payments cost UK SMBs an average of £22,000 annually, contributing to 50,000 business closures each year due to cash flow issues, according to the Federation of Small Businesses and the UK Government. With Adyen, Intuit Quickbooks customers will enjoy a wider choice of payment options, and SMBs will receive their funds fast thanks to Adyen’s UK banking license and direct connection to the real-time payment rails Faster Payments Services (FPS). According to the Office of the Small Business Commissioner, if SMBs were paid on time, this could boost the economy by an estimated £2.5 billion annually.
As for the results, Talach says that the enhancements can speed up several parts of a users workflow, including a 45% reduction in time spent creating invoices.
The main goal, he says, is to make the product “feel light,” so that users can “move faster.” If manual accounting was akin to walking down the street, then QuickBooks was like riding a bike, he says. “QuickBooks with AI is like riding an electric bike.”
Read more
French government collapse after lawmakers vote to oust prime minister Watch match free online Moreirense vs. Sporting Lisbon - prediction and lineupsSarah H
Also on site :
- Emma Raducanu scolds opponent for trying to ‘throw me off’ with medical timeout
- Liberty set for final preseason tune-up, roster decisions before WNBA title defense begins
- Rockies fire manager Bud Black, bench coach after rare win in team’s dreadful 7-33 start