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Cost of Instant FastPay?

Marcio
Marcio Posts: 2

What is the cost when processing the Instant Fast Pay? we believe this is a great feature for certain projects as some jobs that require a certain finishing process that we do not normally deal with and would pay the new vendor up front.

Comments

  • Terrell
    Terrell Posts: 3
    edited August 2021

    Disregard my comment as I read this thread first before looking at the other.

  • Marcio
    Marcio Posts: 2

    looks like its around 6.4%

  • Adam Bowe - Xometry
    Adam Bowe - Xometry Posts: 155 admin

    @Marcio it's actually just 6% flat, where are you seeing 6.4%?

  • RPMF_INC
    RPMF_INC Posts: 1

    How does this program help Xometry? For anything to really work shouldn't it benefit both or all parties involved? I'm just curious where this need is coming from. You guy already advance like 30% right?

  • VETPres
    VETPres Posts: 1

    Prior to the "Sale" a 7 day or less fast pay was 1% but now defaults to 2% and a 7 to 14 day was 2%. We've used it when we've been tight on cash flow that was not necessarily Xometry related. I'm from the old school that had 1% ten Net 30 discount structure on sales so the fast pay at 5% is a bit steep (given you already make a margin on what we build for you), but it is certainly better than our customers that are out at 60days + to pay us the net.

  • Adam Bowe - Xometry
    Adam Bowe - Xometry Posts: 155 admin

    @VETPres This is great feedback, and I love to hear you think these products are better than some of the other payment terms you encounter. That's what we are trying to do!

    As for the 1% bracket going away, partners seldom used that option, and we consistently received similar feedback that 5% was too high. So, while we did raise the 1% to 2%, we discounted the most used FastPay window (5% window) to 4% during the sale/beta test period. Plus, 2/4/6 looks way better than 1/5/6 😂

    Let me know if you have any more questions, and thanks again for your feedback!