Episode 64: Dan Price (Gravity Payments), Seattle, Washington, USA
By Kevin Daum, Marketer, speaker, and columnist for Inc.com
As a teenager, YPO member Dan Price was living the life performing in a rock band. The music was fun, but it also offered business inspiration. In the band’s work with local restaurants and bars, Dan saw merchant businesses barely coping with credit card processing. They were suffering from high, hidden fees imposed by corporations with the negotiating power.
Frustrated by the imbalance, Dan and his brother Lucas started their own credit card processing company called Gravity Payments, providing small businesses with the latest technology and lower fees.
Dan would soon find himself in a rock star like media spotlight. He instituted a USD70,000 minimum wage for all employees at Gravity Payments, prompting numerous articles and television interviews. Soon after, Dan and his brother had a public legal battle over the business model, worthy of a behind the music episode. Now, with the media frenzy calmed and the legal case resolved, Gravity has found its stride once again growing profitably at better than 30 percent annually.
In this episode, Dan shares how he is changing the game of business by following his conviction and doing what he believes is right, even if it’s unpopular.
Made possible with grants from Gazelles Growth Institute.