Dan Price: The Entrepreneur Of Gravity Payments

Dan Price, the entrepreneur of Gravity Payments, a small, private company that provided low cost-cost and high -service and credit card processing, dazzled his 120-person staff when he announced that over the next three years he would raise the salary of all employees, even the lowest paid clerk, customer service representative, and salesperson, to a minimum of $70,000. The annual salary at that time at Gravity Payments was around $48,000, so the larger amount would nearly twice some employees’ salaries. Price stated that he would pay for the wage hikes by cutting his own salary from nearly $1 million to $70,000 and using 75 to 80 percent of the company’s anticipated $2.2 million in profit. Price’s announcement was met with mixed reactions. Some employees were happy, clapping and cheering when they heard the announcement.

Dan Price was no stranger to the spotlight. He earned the honor of Entrepreneur of the Year in 2014 from Enterprise Magazine. Wire Greek named P rice its Young Entrepreneur of the Year in 2013, and in 2010 he received the Small Business Administration’s award of the year. When asked about his recent accolades, Price said, he was looking at this an any end result to celebrate, but more just a stepping stone to get our final goal, which is to level the playing ground and make payments and financial services and business services fair for independent business owners. Price also annually donated 10 percent of Gravity’s Payment profits to charity. The equitable employee salary announcement seemed like another step toward achieving Price’s goals as a business