Tide uses Adyen to accept payment
Tide, the UK’s leading business financial platform today announced a partnership with leading payment technology provider Adyen to expand its platform with a payment acceptance offer.
In keeping with Tide’s platform model – connecting smart, intuitive tools to a corporate bank account – helping small business owners save time (and money) on their financial administration, Tide selected Adyen as the first partner in the payment acceptance space. Powered by Adyen’s advanced technology offering, Tide will enable members to accept card payments from customers quickly and easily, at low cost, through the soon to be launched Tide payment links.
Tide Payment Links will allow small business owners to accept card payments quickly, easily, and remotely, with the ability to include a payment link on invoices. Payment links have proven to be a popular method of making payments with the pandemic accelerating the decline in cash use – over 1.2 million small and micro businesses * are already using card acceptance tools , with a volume of ATM withdrawals 40% lower in October 2020 compared to the previous year **. Tide Payment Links will provide a secure and hassle-free way to make and receive payments.
Adyen will provide the back-end technology for Tide payment links, with members interacting with a streamlined Tide interface. Tide regularly works with industry leaders to deliver complex products, integrating them into the platform and providing Tide members with a rich, intuitive experience that can be scaled quickly.
Mark Hazzard, Vice President of Financial Services at Tide, said, âWe are delighted to have selected Adyen as our partner for the delivery of Tide payment links. Adyen’s cutting-edge technology and expertise in the payment acceptance industry means that we are confident that we will be able to offer our members a great way to accept card payments that is simple to use. them and their clients.
âWe know that in the aftermath of the pandemic, the use of cash has declined more sharply, and it is important that small businesses have options available for their customers to make payments. Accepting card payments can be difficult and costly for individual groups such as freelancers and entrepreneurs, Tide Payment Links will be an easy option to add to invoices and we hope this will help small business owners get paid faster.
“We look forward to introducing many other payment acceptance products to Tide members in due course, providing a wide range of options for small businesses to receive payments.”
Colin Neil, Managing Director of Adyen UK, said: âWe are very pleased to partner with Tide to expand their small business banking offering. We appreciate the opportunity to team up with a forward-thinking financial technology company in enabling Tide members to streamline their payment setup and further improve business efficiency.