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Lone Star Factors Invoice Factoring Review
Lone Star Factors is an invoice factoring agency that specializes in the trucking industry. They are based in Sandy, UT, and were founded in 2013. In addition to factoring they also provide collections services, credit reports, digital invoice processing, online reporting and more.
One of Lone Star Factors’s strongest advantages is they provide funding incredibly quickly once you factor an invoice. You can use this capital to meet payroll, invest in new technologies, or anything else that might help grow your business.
Lone Star Factors sports another positive trait, which is that they provide non-recourse funding, which means that there’s no risk of a chargeback if your client doesn’t pay their invoice. Non-recourse factoring provides a more secure revenue stream that recourse factoring, making it preferable in almost every instance.
Finally, they received excellent marks for customer service. We found their representatives to be well informed and knoweldgeable, and were able to answer our questions. Better customer service usually leads to better customer satisfaction according to our researc
However, there are some issues with Lone Star Factors. The first is their website leaves much to be desired. It is difficult to navigate and doesn’t have the features or information that one would expect when researching invoice factoring companies.
Lone Star Factors also loses points because they don’t have much or any information on their site regarding pricing on contract information. As a result you’ll have to get in touch with them if you’re considering their factoring services. much or any information on their site regarding pricing on s that lack transparency are moer likely to have customer service satisfaction issues.
Finally, their fees are on the high end of what we expect in the industry. This brings them down a few marks because fees can be a red flag for other pricing transparency issues. Greater fees also relate to lower customer satisfaction in our research.
Lone Star Factors is a good option for trucking factoring. Their combination of rapid funding and no-recourse advances makes them highly desirable and demonstrates they have the ability to help your trucking company grow.