Relay Payments recently announced that, following its partnership with Love’s Travel Stops, its payment system now encompasses approximately 75% of all diesel sales in the United States.
This marks significant growth for a payment company that began operations in 2019, originally focusing on warehouse payments. With the integration of Love’s, Relay Payments now allows customers to use its system for secure over-the-road payments, including fuel purchases, scale fees, and cash advances for certain merchandise and services.
CEO Ryan Droege reported a remarkable 300% year-over-year increase in fuel payment processing at Relay Payments, despite a downward trend in diesel prices. According to the Department of Energy, the average retail price of diesel was $3.539 per gallon as of Monday, down from $4.633 a year ago.
In its announcement regarding the partnership with Love’s, Relay Payments highlighted key diesel retailers accepting its payment system, including Pilot, Maverik, Yesway, Ambest, and Onvo. However, TravelCenters of America, one of the major truck stop chains, does not currently accept Relay Payments.
Notable carriers using Relay Payments include Schneider, Coyote Logistics, and Old Dominion Freight Lines. Droege emphasized that Relay Payments is focusing on total payment volume (TPV), which has recently increased from approximately $1 billion to $2 billion annually. The system currently serves around 400,000 truck drivers across about 100,000 fleets, many of whom prefer to use Relay exclusively for its efficiency.
Droege also pointed out the system’s emphasis on security, highlighting that Relay Payments operates entirely through a mobile app, eliminating the risk of card skimming associated with traditional payment methods. Users can quickly set up the system without needing a physical card, with some being able to start using it the same day they download the app.
Originally focused on warehouse payments, Relay Payments has expanded its offerings to include fuel and lumper payments, transitioning away from cash to digital transactions. Following a capital raise in 2021, the company has efficiently utilized its funds and revenue growth without seeking additional financing since then.