Xometry launches Xometry Pay to help American manufacturers better manage cash flow
It’s been a while since we’ve heard from Xometry, our home state’s tech startup that’s now grown to become the world’s largest on-demand manufacturing marketplace. The last time we wrote about Xometry was back in October 2020 when it announced the appointment of Katharine Weymouth, a former publisher, and CEO of Washington Post, and Deborah Bial, to its Board of Directors.
Today, Xometry announced the launch of Xometry Pay, its new suite of payment products that allows machine shops and custom manufacturers to quickly accept credit cards and offer payment terms for their customers, backed by Xometry. This product is now available to manufacturers currently in Xometry’s network as well as the broader manufacturing community.
Xometry Pay follows the release of the Xometry Advance Card and FastPay — two tools that enhance cash flow flexibility. With Xometry Pay, any manufacturer can use these services 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.
Manufacturers and their customers can begin using these services immediately after filling out a simple online registration form, and there is no commitment required. To encourage custom manufacturers to see how Xometry Pay can benefit their business, Xometry is offering a free 90-day introductory period.
How to get started: All machine shops and custom manufacturers are eligible to enroll immediately. Visit xometry.com/supplier and provide basic business information. Onboarding takes just a few minutes, and then you are ready to process your first Purchase Order and get your customers set up with payment terms.
Commenting on the release, Xometry CEO Randy Altschuler said: “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.” Altschuler added, “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 the collection and offer predictable payment terms to you and your customers.”
Founded in 2013 by Laurence Zuriff and Randy Altschuler, Xometry is the largest marketplace for custom manufacturing, connecting customers with optimal manufacturing solutions through proprietary AI algorithms. Xometry provides on-demand manufacturing and industrial supply materials to a diverse customer base, ranging from startups to Fortune 100 companies. Our nationwide network of over 3,000 partner manufacturing facilities enables us to maintain consistently fast lead times while offering a broad array of capabilities, including CNC Machining, 3D Printing, Sheet Metal Fabrication, Injection Molding, Die Casting, Stamping, Extrusion, and Urethane Casting. Xometry’s customers include BMW, Bosch, Dell Technologies, General Electric, and NASA.