Dan Price made headlines (and magazine covers) in 2015 when he committed to giving every employee at his credit card processing company Gravity Payments a minimum wage of $70,000.
It hasn’t been an easy journey. Gravity Payments and Price have weathered a few storms, including lawsuits and financial adjustments, in the intervening months. But today, the company is on solid footing, with reports of 80% more customers than when they announced the wage hike.
Whenever we encounter an approach to business that seems fresh, we’re curious about the motivations that inspired the leader.
Brought up in provincial Idaho, a long way from the nearest neighbor, Dan Price began Gravity Payments from his college apartment when he was only 19 years of age.
Despite the fact that music was his obsession growing up, Dan found his long-lasting strategic he found numerous entrepreneurs in his locale were being exploited by their charge card processors.
He realized that wasn't right, so he focused on and started upsetting the run of the way business is finished.
As he revealed to Entrepreneur Magazine, "I never planned to rake in some serious cash, or extremely any. I was truly irritated with this industry for the manner in which they were treating my customers, and I simply needed to blow the entire thing up."
Dan formed Gravity on an alternate arrangement of qualities not ordinarily found in the working environment — trustworthiness, straightforwardness, and duty.
These straightforward qualities have made Dan and the Gravity group a believed name in charge card preparing.
Today, autonomous organizations over each of the 50 states trust Gravity to spare them millions in expenses and hours in disappointment by making it simple and straightforward for them to acknowledge installments.
Changing the way business is done
It is outstanding that Dan is a praised business visionary, yet what separates him is his conviction to do what he accepts is correct, regardless of whether it's disagreeable.
His strategic to make a reality where esteems based organizations reshape the economy, so business quits being tied in with getting the most cash conceivable.
Rather, he needs pioneers to perceive that business ought to be about reason, administration, and having any kind of effect. Dan trusts it's not tied in with working together as normal any longer, yet working together better.