What happened: A newly published case study by ToolTime and Adyen provides further details about the ToolTime Pay product offering (Adyen). ToolTime targets the crafts industry and helps craftsmen with project management, time recording, invoices and more. ToolTime Pay itself consists of two features: virtual IBANs for automatic reconciliation of incoming payments with open invoices and a payment solution via so-called payment links (customers receive the invoice via email and can pay the amount with a card or Apple Pay, for example).
My comment: ToolTime Pay was launched already in 2024 (as covered by your favourite Embedded Finance newsletter), but the case study goes a bit deeper. Unfortunately, the article does not mention any usage data of the payment product itself and only mentions usage data for the ToolTime core product (>15,000 businesses using it to invoice more than 2 billion euros per year). However, based on my experience, Adyen publishes such case studies only when a particular milestone is reached, which indicates a notable adoption of the ToolTime Pay product.
For vertical SaaS providers, an Embedded Payments product is often the first step into the world of Embedded Finance. While it can become a massive revenue channel, the move is often highly strategic. Bringing payment flows, which have been conducted outside of your product, in-house also helps to reduce churn and increase adoption of the core product. And maybe even more important than that, it helps to launch other financial products. It wouldn’t be far-fetched to envision ToolTime offering a full-fledged banking product (not just for incoming payments) and a lending product.
