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invoice factoring company reviews

MP Star Financial Invoice Factoring Review

MP Star Financial Invoice Factoring Review

Overview

MP Star Financial is an invoice factoring company based in Cleveland, Ohio. They were founded in 1995, and works with the agriculture, distribution, food and beverage, healthcare, manufacturing, service, staffing, small business, tech, and textiles industries. They offer funding from $10k-2M

Pros

One of MP Star Financial’s strongest advantages is they are missing a number of the worst parts of most other invoice factoring companies. they don’t have any fees, long term contracts, monthly minimums, or more. They also claim to be able to beat any rate you’re offered. This all stacks up to a solid pre

MP Star Financial sports another positive trait, which is that they don’t have the same fees many other factoring services rely on. As a result, they gain a few points in our review because fewer fees means simplier and more predictable pricing for customers, which is a much better business situation.

Finally, they operate a very easy to use website, which lets customers know the important information they’re looking for when researching factoring companies. Our research equates this with a higher level of customer service.

Cons

However, there are some issues with MP Star Financial. The first is 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. s that lack transparency are more likely to have customer satisfaction issues.

MP Star Financial also loses points because they have one of the higher discount rates out of the companies we looked at, and that means that companies are paying more for factoring services. As a result, they’ll have less capital to develop and grow their business.

Finally, they only provide recourse factoring, leaving your company at risk of a large chargeback if your client doesn’t pay their bill. This situation can result in cash-on-hand issues for many businesses and we don’t recommend if non-recourse factoring is an option.

Verdict

MP Star Financial are on the border of being one of the best invoice factoring companies, but their lack of clarity on non-recourse funding and their rates make them miss the top group by just a bit. Some more infomration publically available and reviewable, and they’ll be among the top invoice factoring companies in the country.