Xometry introduces Xometry Pay Invoicing platform, offers financial security with guaranteed payments
By Pavithra R
Xometry, an on-demand industrial parts marketplace, has announced the launch of Xometry Pay, a new suite of payment products that allows machine shops and custom manufacturers to accept credit cards and offer payment terms quickly for its customers.
Founded in 2013, Xometry is a one-stop-shop for manufacturing on demand. The firm is making the new product suite available to manufacturers currently in the company’s network as well as the broader manufacturing community.
The launch follows the company’s recent release of Advance Card and FastPay, 2 tools that enhance cash flow flexibility. With the new invoicing platform, manufactures can use these service on any job. This includes 30% payment advances at the start of the job, the remaining payment net-30, and accelerated payment options if needed.
“Xometry’s success to date has come from building a network of small- and medium-sized manufacturers and delivering work to them through our AI-driven platform. Xometry Pay represents the expansion of our offerings. Xometry is now the destination for small manufacturers to improve their business efficiency. Whether you choose to accept jobs through our platform or on your own, Xometry will manage collection and offer predictable payment terms to you and your customers,” said Xometry CEO Randy Altschuler.
Manufacturers and their customers need to fill out a simple online registration form to begin using these services and there is no commitment required. The firm will charge a 3% fee for processing credit card transactions and POs. How ever, it is currently waiving off the fees and offering a free 90-day introductory period to encourage custom manufacturers to see how the product suit can benefit their business.
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