Petroleum
The petroleum sector is very volatile. Due to the nature of the product, the risk of fraud is high. Moreover, the margins are small, so the players in this sector run considerable financial risk. They do everything they can to avoid defaults and to detect malicious companies at an early stage. Fortunately for them, there is enough data and intelligence on which to rely.
Users
The users of the Graydon solutions and their concerns can be divided into two groups.
Fuel dealers and distributors
These companies sell large quantities of diesel and gasoline to retail customers. In order to achieve sufficient margin, orders often amount to several tens of thousands of pounds. It goes without saying that the risk of non-payment, fraud and insolvency is extremely high for companies operating in this sector. In these cases, they even run the risk of not even being able to recover the pre-financed excise duties on the fuel supplied.
Fuel cards
These companies supply fuel cards to companies, mostly in the transport sector, to customers that have an extensive fleet. A fuel card can have a limit, but if a company has access to multiple cards, they can easily be used to quickly build up a large bill. Business information also allows these companies to handle the customer acceptance process faster and more efficiently.
Onboarding and prospecting
There is little loyalty among the customers, who are very sensitive to the lowest price. It is therefore common that companies often approach different suppliers. Because it often involves large amounts, it is imperative that you know who you are doing business with. The Intelligence Network, along with onboarding and fraud solutions for new, potential customers have already proven their added value in the sector several times.
Automatic checks bring speed to the onboarding process. In addition, these controls remove subjective decisions and significantly reduce the risk of non-payment and fraud. Monitoring existing customers is also not a superfluous luxury in this period, when various companies are gradually experiencing serious payment problems.
Due to the Corona crisis, various companies have meanwhile seen their turnover and cash flow drop dramatically. It has prompted many companies to analyse their customer portfolio and to look for new, financially stable customers in a targeted manner to close the gap again.
Graydon has more than 25 years of experience in the sector. Our data provides unparalleled insight into a company's true financial health and growth opportunities.
