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The problem/challenge 

In business, there is little room for error and accurate, actionable data is often the best method to minimise mistakes and develop reliable processes.

Despite this, dependable data providers that offer a complete suite of tools are hard to come by.  

FleetMaxx was no stranger to this dilemma. The company needed to be able to assess credit risk, particularly for the fuel card side of the business. But, without the right provider, they were struggling to make informed decisions when onboarding customers, especially when considering factors beyond just commercial acumen.

Their previous provider offered a service that lacked real-time updates, especially for limited companies whose accounts might be outdated.

As a result, FleetMaxx were left without the up-to-date financial information they needed to make accurate credit assessments, especially given the fast-changing nature of the fuel card industry.

The consequence

Looking deeper into the issue, FleetMaxx found their processes with their previous provider were insufficient as they lacked the up-to-date information needed to make a well-rounded decision. 

For example, the latest management accounts and profit and loss statements would have to be manually requested from customers and then uploaded and sent off for further analysis. 

This convoluted process involved human analysis experts, requiring their verification of the authenticity of the accounts, followed by a recommended credit score. Over time, this service was discontinued, leaving FleetMaxx without a functioning resource for assessing credit risk.

Leaving them hanging in the balance, a significant gap in operations opened up. This was worsened by the 21 months usually left between companies filing their accounts, during which huge changes in a business’s financial health could occur, rendering the previous credit score useless and a delay in locating new customers.

With FleetMaxx only having access to these limited services, they were consistently missing out on opportunities to identify potentially successful businesses within the first two years of their operation. In turn, this led to a lack of young, stable and growing companies that would be lucrative long-term contracts amongst their client.

This left them in search of a tool that could give them access to management accounts after the first year, so they could assess new business performance and begin to build new opportunities. 

The solution

After searching for a new provider, FleetMaxx found Red Flag Alert.

The decision to switch was primarily driven by the need to maintain access to essential tools and services for their business operations. However, Red Flag Alert also offers a bespoke report service for non-limited companies that other credit reference agencies do not provide, yet many industries, including the fuel card industry, rely on.

As soon as our platform was implemented Fleetmaxx was able to do safer and more informed business, thanks to our market-leading data and easy-to-use platform.

This is especially true in terms of credit management and onboarding processes, as we provide a complete digital suite which provides reliable, updated, and detailed data that is accessible and actionable, alongside foolproof ways to streamline processes.

Red Flag Alert's expertise in credit scoring and account analysis opens up time for FleetMaxx to focus on its core responsibilities, particularly in order-to-cash processes, whilst still having peace of mind that its credit assessment and customer intelligence data are in good hands.

Once FleetMaxx had been introduced to the Red Flag Alert platform, our account manager team helped them implement the system, playing a crucial role in setting up the service, training FleetMaxx’s users, and addressing any technical issues that arose. 

With clear communication, seamless collaboration, and quick resolutions of any concerns, our team ensured a positive experience for FleetMaxx from the beginning to the end of the implementation process. 

Results and benefits

At its core, FleetMaxx needed a solution that offered speedy and accurate credit risk assessments, as well as seamless integration into their onboarding process. 

By offering real-time data and the ability to incorporate the latest management accounts, FleetMaxx immediately had access to the tools they needed for better decision-making. 

As a result, Red Flag Alert’s services significantly expedited the credit risk assessment process, enabling FleetMaxx to onboard creditworthy customers more efficiently. The implementation of our industry-leading platform also boosted fraud detection capabilities, enhancing FleetMaxx’s identify and prevent fraudulent applications.

The impact of the Red Flag Alert was immediately apparent. Compared to the previous provider, which often took two to ten days to complete credit risk assessments, Red Flag Alert reduced the timeframe to just one to two days, resulting in tangible improvements in efficiency and effectiveness.