Xometry Launches Xometry Advance Card
The card gives American manufacturing facilities in Xometry's network immediate access to 30% of the value of the Xometry jobs they accept, up to $7,500 on each job.
July 22, 2020
Xometry launches the Xometry Advance Card to its network of over 3,000 U.S.-based manufacturing partners.
The card gives American manufacturing facilities in Xometry's network immediate access to 30% of the value of the Xometry jobs they accept, up to $7,500 on each job. This provides partners with the opportunity to improve their cash flow, giving shops capital to use to buy materials, tooling and other expenses needed for business operation, the company says.
“At Xometry, we're all about unleashing the capacity of American manufacturing. We want to do everything we can to help the small- and medium-sized American shops in our partner network succeed,” says Randy Altschuler, Xometry co-founder and CEO. “The Xometry Advance Card makes it easier for our partners to buy what they need to keep their shops growing without worrying about cash flow. Over time, we will also be adding opportunities for discounts and benefits on products relevant to manufacturing partners who are cardholders.”
The Xometry Advance Card can be used wherever Visa is accepted and has no fees, interest, bills or impact on the holder's credit. Its spending limit is set automatically based on the work partners take from the Xometry job board. If money on the card is not used, it will simply be returned to partners with the rest of their job payment. For a limited time, Xometry partners who sign up for the card will receive $100 upon the activation of their card.
The release of the Xometry Advance Card is a part of Xometry's upgraded Shop Finances Partner Portal, which features more frequent, invoice-less payouts that leverages Stripe's payment technology.
Xometry also recently announced the launch of its new 2D Technical Drawing Marketplace, a platform that expands access to prospective job orders for 3,000+ American machine shops. Shops interested in joining Xometry's Partner Network can learn more here.
Sources: Press materials received from the company and additional information gleaned from the company’s website.