Gravity Payments is a credit-card processing and financial services company. The company was founded in February, 2004 by brothers Lucas and Dan Price when Dan was in college. The company is headquartered in the Ballard neighborhood of Seattle, Washington and employs over 100 people.
The company received national recognition in 2015 when CEO Dan Price announced that all employees would receive a minimum wage of $70,000.
History
Gravity Payments was co-founded in February 2004 by Lucas and Dan Price. Dan began working out of his Seattle Pacific University dorm room. Dan Price was 19 at the time. He had previously managed the finances of his high school rock band, Straightforword (misspelling intentional).
By June 2008 the company was the largest credit card processor in Washington, serving over 15,000 clients country-wide.
In June, 2010 Dan Price was honored by President Barack Obama with the Small Business Administration's "National Young Entrepreneur of the Year" Award for his entrepreneurship and the sustained success of the company.
In 2013 the company increased employee pay by 2% in response to the two-percent payroll tax reduction lapse, which applied to all those earning less than $100,000. The company also claims to provide unlimited paid time off to employees.
In April 2015, Dan Price announced that over the next three years, the company would raise the pay of all employees to at least $70,000 per year, stating this was the minimum needed to secure them from financial hardship when hit by unexpected expenses. Price, who previously paid himself a $1 million yearly salary, cut his own salary down to $70,000 to partially cover the increased pay for employees. The change lost the company two long-standing employees due to the flat payment structure. As of October 2015 Dan Price is being sued by his brother and co-founder Lucas Price, citing long-standing differences.
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Awards and recognition
- 2008 HomeStreet Bank Small Business Spotlight Award
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