Xometry Pay comes after the launch of two other products, Xometry Advance Card and FastPay, both of which enhance cash flow flexibility.
Now, with Xometry Pay, companies will be able to use those services for any job. The release says that includes 30 percent payment advances at the beginning of a job, the remaining payment NET-30, and the option for accelerated payment 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,” said Xometry CEO Randy Altschuler. “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.”
Manufacturers will be able to begin using those services immediately after filling out an online form. Xometry is also offering a free 90-day trial to help encourage businesses to opt-in.
Cash flow has been vital during the pandemic, but the issues begin when companies want to both get paid as quickly as possible but pay their own invoices later. PYMNTS writes that this creates a contradicting set of goals for B2B buyers and vendors.
Payference Founder and CEO Prashant Kumar spoke with PYMNTS recently about the issue of having many moving parts present in managing financial data. Kumar said despite the digitization that has been expedited over the past year of the pandemic, chief financial officers still have a hard time making use of all the electronic data available to them. He said the biggest barrier for companies was having data put together in a consumable way for executive teams.