Episode 64: Dan Price (Gravity Payments), Seattle, Washington, USA

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.

Guest: Dan Price, Founder and CEO of Gravity Payments
Host & Executive Producer: Kevin Daum
Executive Producer: Van Van
Music: DreamArtist Music.

Made possible with grants from Gazelles Growth Institute.

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Kevin Daum is an award winning and bestselling author of 5 books. He is a marketer, speaker, and columnist for Inc.com and Smart Business Magazine. As an Inc. 500 entrepreneur, his sales and marketing techniques resulted in more than $1 billion in sales. Drawing on his background in theatre and business, Kevin is a compelling speaker who has engaged and inspired audiences around the globe. Kevin is a graduate of the MIT Entrepreneurial Masters program and has received the Global Learning Award 3 times from the Entrepreneur’s Organization, where he held several board positions. Kevin has designed, produced, and led award-winning executive training programs and events for C-level executives and entrepreneurs on four continents. Previously, Kevin was named one of the 40 people to watch under 40 in San Francisco by the Business Times and in 2006 was named Distinguished Alum of the Year by his alma mater, Humboldt State University.