Executive Spotlight: Dan Price

Co-founded in 2004 by Dan Price, Gravity Payments is a credit card processing company dedicated to providing independent business owners with a low-cost alternative, while aiming to have transparent business practices. Price made headlines when he raised the minimum salary for all employees to $70,000 while cutting his own $1.1 million salary by 90%. While Price and the company faced backlash from some other businesses, and even some employees, Gravity Payments has been steadily growing ever since. In 2014, the company processed $3.8 billion and this amount grew to $10.2 billion in 2018. Revenue and profits have also doubled, while customer retention has increased from 91% to 95%. For reference, the industry average is a mere 68%. Meanwhile, the number of employees has grown from 120 when the new minimum wage was announced to 200. As the leader of such...