Why Modernizing Trucking Through Fintech is Overdue for Small and Medium-Sized Businesses

Reviewed by
Vignan Velivela
Published date:
May 15, 2024

For too long, the small- and medium-sized businesses and independent owner-operators that serve as the backbone of the trucking industry have lacked modern financial tools. This has been a roadblock to revenue growth, payments, and fuel savings. 

Payments via paper checks, for example, are still common. This leads to constant delays in paying drivers with downstream impacts on their business and financial stability. Additionally, closed-loop fuel card systems inhibit drivers from getting fuel where it’s most convenient, costing them time and money. These are some of the many inefficiencies AtoB is reversing by building an integrated, end-to-end financial system for the trucking industry.  

Modern fintech solutions are needed in the trucking industry 

Trucking is one of the United States' most common occupations; according to the US Bureau of Labor and Statistics, there are more than 3.065 million professional heavy and light duty truck drivers across the U.S. While the number of professional truck drivers may be unsurprising if you have ever traveled on the U.S. highway system, you may not realize that the majority of trucking companies are small to medium-sized businesses. About 1.2 million trucking companies operate within the United States, with 91% owning six or fewer trucks and many trucking company owners acting as drivers. While trucking has been on the rise since the pandemic, most trucking companies need help to scale their business due to the complexities of outdated payments and closed-loop fuel card systems, which still run rampant within the trucking industry. These outdated systems are holding the entire sector back; however, at AtoB, we are dialing in to fix these issues. 

Data Source: US Bureau of Labor and Statistics

AtoB: providing solutions for the business of trucking  

I founded AtoB in 2019 to allow small- and medium-sized businesses to grow and expand their efficiency, fleets, and services. We aid truck drivers and trucking companies with the tools to grow their businesses and set their drivers up for success.

Despite the average truck driver making $40-100k a year, the industry has one of the highest instances of payday loans because of the lack of modern payment structures. Payments to truck drivers can take up to 90 days, leaving businesses with a lack of capital and forcing individuals to surrender interest through these loans. Modern fintech tools, common in other sectors, address this issue and provide workers access to more efficient and secure payment options. Payments should be instant – this levels the playing field for trucking businesses, individual operators, and their families. Such digital solutions have been long overdue for a sector that has long been left behind.

Fuel cards have also been stuck in a closed-loop system that doesn’t benefit those putting their days in on the road. We’re enabling small and medium-sized trucking companies and their drivers to open up their fueling options beyond such systems. Our recent fuel card partnership with Mastercard allows drivers to fuel up anywhere that Mastercard is accepted. In setting up truck drivers for success with multiple options for fuel, truckers do not have to waste valuable load-hauling time searching out specific fueling stops; drivers can fuel up when they need to with fuel perks built into our system that are easily accessible. 

To prevent fuel fraud, a problem plaguing the industry, the AtoB fuel card empowers trucking companies to block transactions when your vehicle isn’t at the pump. The AtoB fuel card ensures drivers can only purchase fuel equal to their allotted tank capacity and alerts fleet managers when fuel purchased doesn’t enter their vehicle. With these failsafes, drivers see up to $3,000 in yearly savings from fuel fraud. 

Modern smartphone tools to level up businesses

The AtoB app helps truck drivers find the best possible station prices near them, saving truckers and companies even more money in the long run. The AtoB app matches our expectations for data and information from our mobile devices, such as telematic integration to track fuel levels, card lock and unlocking technology, and the option to automatically decline fuel transactions attempted over 100 meters from the vehicle, further cutting down on fuel fraud. The app is improving constantly, and our innovation only furthers the growth of trucking companies and the industry. 

Modernizing trucking’s financial infrastructure 

The SMBs and owner-operators who power trucking in the US have needed modern fintech solutions for too long. Instant payments and non-restrictive fuel cards are a start to ensuring that the small businesses that drive this sector of our economy can operate with the efficiency and speed we expect from technology companies so they can grow and expand their efficiency, fleets, and services. 

As we continue to revolutionize the trucking industry, AtoB will roll out more updates to help drive the trucking sector into the 21st century. 

Get started with AtoB

Reviewed by

Vignan Velivela

Vignan Velivela, the co-founder and CEO of AtoB, leads a pioneering transportation payments platform revolutionizing financial transactions within the trucking industry. After speaking with truckers at truck stops across America, Vignan and his co-founders realized the lack of modern payments and the strain it puts on truckers and small businesses. They started by modernizing the financial infrastructure for the trucking industry, the backbone of the economy, to make payments instant, reliable and affordable. Under his direction, AtoB has developed innovative solutions to streamline and optimize payment processes, reducing administrative burdens and improving overall efficiency for trucking companies and their stakeholders.

Start saving today

We use weekly fuel spend to determine your credit limit.
Thank you! Your submission has been received!
Back to Home
Oops! Something went wrong while submitting the form.
By submitting this form you agree to our Platform Agreement and Privacy Policy. You may receive SMS communications from us and can opt out at any time.
Log in
Log in
Get started
Get started