Tide, the UK’s leading business financial platform has announced today a partnership with the leading payment technology provider, Adyen, to expand its platform with a payment acceptance offering.
In line with Tide’s platform model - connecting smart and intuitive tools to a business bank account - helping small business owners save time (and money) on their financial admin, Tide has selected Adyen as its first partner within the payment acceptance space. Powered by Adyen’s advanced technological offering, Tide will allow members to accept card payments from customers quickly and easily, at a low cost, via 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 option to include a payment link on invoices. Payment links have proven a popular method of making payments with the pandemic expediting the decline in the use of cash - over 1.2 million small and micro-businesses* are already using card acceptance tools, with the volume of ATM withdrawals 40% lower in October 2020 compared to the previous year**. Tide Payment Links will offer a hassle-free, secure 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 collaborates with industry leaders to deliver complex products, integrating them into the platform and offering Tide members a rich and intuitive experience that can be scaled quickly.
Mark Hazzard, VP of Financial Services at Tide said: “We are delighted to have selected Adyen as our partner for the delivery of Tide Payment Links. Adyen’s leading technology and expertise in the payment acceptance sector mean we are confident we will be able to offer our members a great way to accept card payments that’s simple for them and their customers.
“We know that as a result of the pandemic, the use of cash has been in steeper decline, and it is important that small businesses have options available for their customers to make payments. Accepting card payments can be difficult and expensive for one-man-bands such as freelancers and contractors, Tide Payment Links will be a simple option to add to invoices and we hope it will help small business owners to get paid more quickly.
“We look forward to introducing many more payment acceptance products to Tide members in due course, offering a wide array of options for small businesses to receive payments.”
Colin Neil, Managing Director of Adyen UK said: “We're very excited to partner with Tide to extend their business banking offering for small businesses. We value the opportunity of teaming up with a forward-thinking financial technology company by enabling Tide members to streamline their payments set up, and further improve businesses efficiencies.”