Xometry Launches Program for Helping Small Shops Handle Upfront Job Expenses
The Xometry Advance Card gives members access to 30% of the job’s value for upfront expenses such as materials and tooling.
Xometry, an online marketplace for custom manufacturing, has launched 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 (up to $7,500) of eligible Xometry jobs they accept. This provides partners with the opportunity to improve their cash flow, the company says, giving shops access to capital to use buying materials and tooling and meeting other expenses needed for business operations.
“We want to do everything we can to help the small and medium-size American shops in our partner network succeed,” says Randy Altschuler, 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 is a Visa payment card that has no fees, interest, bills, credit checks or impact on the holder’s credit rating, Xometry says. The card’s spending limit is set automatically based on the work partners take from the Xometry job board. It can be used wherever Visa is accepted, and if money on the card is not used, it will simply be returned to partners with the rest of their job payment.