Have you read about our newest quality changes at Xometry? Check them out here!

Is the new Shop Finances mandatory?

cmoll
cmoll Posts: 15 ✭✭

Is it mandatory to sign up for Shop Finances?

I read in the https://www.xometry.com/payment-service-advance-card-terms-and-conditions

In section 4.5 (Payout) That payment will take as long as 60 days after job completion now.


Please clarify


Also indicate if we can continue as is with invoicing Xometry and payout every 2 weeks.


Thank You,


Chris Moll

Comments

  • Adam Bowe - Xometry
    Adam Bowe - Xometry Posts: 139 admin

    Hey Chris!

    The transition to Shop Finances is required but the payout schedule will be much more efficient than the previous method! Learn more about the payout schedule here - https://community.xometry.com/kb/articles/154-payout-schedule.

    In the terms and conditions we have built in some extra time for out of the ordinary cases but regular jobs will be paid out 27-33 days after job completion with payouts occurring every Friday (besides holidays).

    Submitting through Concur will no longer be accepted after July 9, 2020.

    Two exciting features about the new payment system:

    Let me know if you have any additional questions, happy to help!

  • subtractivemfg
    subtractivemfg Posts: 14 ✭✭

    Hi Adam,

    Unfortunately, this payment schedule is longer than the old method. We were all use to being paid every 2-3 weeks depending on when we sent in our bills. So it seems for the partners it is not quite as efficient unless you count that we do not need to bill Xometry any longer.

    Hopefully payments will speed up a bit once the system gets going. Fast payment turnaround is one of the greatest things about Xometry especially considering the short delivery turnaround required by most jobs.

    Angela

  • cmoll
    cmoll Posts: 15 ✭✭

    @subtractivemfg , @ PenCoPrecision  At first I assessed it to schedule out longer also.

    But further reflection brought this to light.

    In the past I've completed work on the 10th, invoiced on that day also. That wouldn't post as a payment until the end of the month, which if the 28th didn't land on a weekend , was 3 weeks. This new system ,if Xometry doesn't default to the 60 day period, then were looking at 4 weeks consistently. Similar period.

    I don't plan on using the advance card, as that is not how I really like to keep accounting.

    Co-Ops with marketers / producers ,( be it fruit and vegetable co-ops , Livestock co-ops, grain co-ops , you name it) , always have rounded down toward the producers, as they(we) don't really hold the market reigns. Those Co-Ops eventually go out of business , or reorganize.

    Hopefully, general good business ethics will guide here.😉

    Typically I operate locally with 10 net 30. Customer pays 10% immediately (I post as revenue not credit), then balance is due 30 days after invoiced completed job.

  • subtractivemfg
    subtractivemfg Posts: 14 ✭✭

    @PenCoPrecision - I agree with your statement regarding the Resiliency Quick Pay program, however, even with the "legacy" payment program, 4 weeks is still slower than the

    Invoices submitted between 24th to 9th will be paid on the 28th.

    Invoices submitted between the 10th and 23rd will be paid on the 14th.

    14th or 28th falls on a weekend, it will be the first business day after.

    But I'll get use to it.


    @cmoll - interesting observation. In all honesty, I'm not sure how much I will use the card either. Maybe to buy material through Xometry, but we have pretty good credit with our local material houses and their prices often times beat Xometry, but what is nice is if we are buying material through Xometry and their shipment is delayed, then it is on their head and we often times get a shipping extension, whereas if it is our supplier they usually won't push out the ship date. The other time we purchase on a credit card is when buying items through MSC, which isn't that often, but if I was, I would have just set up credit terms with them by now.