Ask Me Anything: Advance Card - September 22, 2020
On Tuesday, September 22nd from 3-4p ET Join Dan Richards, Xometry's VP of Financial Services Marketing to have all of your Xometry Advance Card questions answered right here on this thread in the community.
We also invite you to pre-submit your questions now to receive priority response on Tuesday.
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Hi everyone and thanks for joining our Ask Me Anything on the Xometry Advance Card. I'm joined by a few of my colleagues and we're here to answer any questions you may have about how the Advance Card works. Let's begin!
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While we wait for our first question, I wanted to share that we recently surpassed $1 million in job advances since launching the card, and we're full steam ahead to $2 million. If you have creative ways you've used the Xometry Advance Card to help run your business, I'd love to hear them!
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For example, one partner recently shared with us that the Xometry Advance Card has become their go-to way to pay for truck fuel each week.
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While the card is designed to help you pay for materials and supplies, it can really be used to fund any aspect of your shop -- office supplies, fuel, insurance ... even snacks and coffee for your employees.
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Hi Dan, I have a few questions for you.
Is there a limit to how much I can spend at any one time?
Can I use the card to spend on non supplies items?
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Hi Dan,
How do payouts with the advance card work when there's multiple jobs accepted?
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Thanks for the questions! The Xometry Advance Card creates advances of 30% of the value of your Xometry job, with a maximum of $7500 advance per job. You CAN have multiple advances of $7500 across multiple jobs. The daily spend limit is $25,000.
As for your second question, YES! You can use the card anywhere Visa cards are accepted for items to run your business -- machines and tooling, fuel, insurance, rent, even lunch!
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Hey Danny! When you accept multiple jobs, each job increases your available spend. It's important to note that we can't connect purchases to jobs when you accept multiple jobs because those purchases happen out of our system. So when we calculate your payouts in any given week, we do two things. First, we add up all of the jobs you're scheduled to be paid out. Then, we look at your card purchases that are at least 7 days old and we'll deduct those purchases from your payout. That's how we determine how much to send to your bank every week.
In your Payouts tab on Shop Finances we break down each payout so that you can see how we come to the final number. We also recently made an update so that you can download a payout statement and keep it for your own records.
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That's a wrap on today's AMA. Thanks for joining and if you have further questions on the Xometry Advance Card you can post them in this thread, or head over the Shop Finances section of the Xometry Community. Let us know what you would like to learn about for our next "Ask Me Anything" session!
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Hello Dan
Im doing my Quarterly taxes.
How can we get a copy of our statement for the Xometry Advance Card
Thanks ,
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Hi @SeattleDMU -- thanks for writing in! While that's not a feature we offer on Shop Finances right now (but we're working on it!), I'm happy to handle your request manually. Can you email the specifics of what you need to [email protected]?
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Dan,
For 3D Printing partners that except quite a few jobs (50-60 a month) what would be the reason to not see 30% of our owed amount on our card? The amount owed to use for jobs is pretty substantial however 30% of that amount is not on our card and I don't know that it ever has been. I see an amount go to our card when accepting a job but the numbers don't add up when I look at the total amount owed overall. When is the payout for a job consider owed to us in other words when should the 30 percent be on the card is it at acceptance or shipment or 30 days? Last thing what happens to the balance on the card if we don't use the card for several weeks does it drop off the card as it is paid out to the partners?
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@Dan Richards - Xometry check out @Guthrie_Gu3D question above!
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Hey @Guthrie_Gu3D -- I sent you a DM with my contact, reach out with any questions you have!
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