Gravity Payments, a credit card processing and payments technology company, was founded by Dan Price in his dorm room at 19 years old. Its founder is a former college student who learned how to run a business from scratch at the age of 19! It’s amazing to hear that Price was once accused of domestic abuse and has since become one of the most successful entrepreneurs in payments technology! Read on to learn more about his life and career.
Entrepreneur of 2014
Gravity Payments CEO Dan Price has been named the Entrepreneur of 2014. The award is the culmination of the magazine’s annual competition, which is open to all business owners. The price beat out nine other finalists to win this honour, and his name graces the cover of the January issue. In an interview with the magazine, Price expressed his gratitude to all those who have helped him get to this point in his life, and said he’s focused on the future.
Since then, Price has accumulated an impressive list of accolades. He has won several awards, including the Entrepreneur Magazine Entrepreneur of 2014, the Seattle Business Executive Excellence Award, and the GeekWire Young Entrepreneur of the Year. He has also been featured in Forbes, Inc., and Business Week, and is soon to appear on ABC-TV. Here are some highlights of Price’s career:
GeekWire’s 2013 Young Entrepreneur of the Year
Gravity Payments founder Dan Price is the latest Entrepreneur of the Year. This year’s honour comes on the heels of his recent selection as a National SBA Young Entrepreneur of the Year. Founded at the age of 19, Price’s company provides merchant services to small businesses, making the process transparent, fair, and easy. Today, Gravity Payments processes over $1 billion in transactions annually, making it one of the fastest-growing small businesses in the U.S.
Born and raised in Michigan, Price moved with his family to rural southwest Idaho in 1990. Growing up in a middle-class evangelical Christian household, Price’s days began at five in the morning with religious observations from his parents. He is currently a CEO at Nappa, Idaho-based company E-Commerce Solutions, and was named one of the “40 Under 40” by the Puget Sound Business Journal.
Strawhecker Group’s Brian Canlis
A Seattle credit card processor, Dan Price, has made headlines recently for slashing his million-dollar salary. In doing so, he ignored the growing divide between rich and poor, political outrage, and free publicity. But perhaps his actions were justified. Canlis and Price are not alone in thinking twice about their pay packages. Other restaurant owners have also been forced to cut their pay packages.
Their ex-wife accuses him of domestic abuse
Gravity Payments CEO Dan Price is facing accusations of domestic abuse from his ex-wife Kristie Colon. The woman claimed that Price beat her, hit her, and even made her feel like she was drowning. During the TEDx Talk she gave last year, Colon said that Price also physically abused her. She said that she even locked herself in the car once, causing him to be angry and resentful.
The next day, she found Price at a restaurant and said he was ungrateful. She texted him to invite her to a party, but he declined her invitation. The next day, Price was drunk, so she debated leaving. At this point, Doe took a legal sleep aid and texted a friend. Price subsequently sent her a series of apologetic texts and nude or semi-nude photos of himself. When Doe arrived home at 2 a.m., she questioned her judgment and alleged abuse.
A raise in salary was well-orchestrated
The controversy surrounding the pay hike isn’t over yet. While some people are applauding Price for raising his salary from $50,000 to $70,000, others are questioning whether the whole thing was well-orchestrated. Price’s raise came at a time when he was facing a slew of legal issues, including allegations of sexual misconduct and domestic abuse. While he claimed that the pay hike was in the best interest of his employees, it was not clear if the board had the final say.
The controversial salary hike has sparked debate in Silicon Valley. Gravity Payments CEO Dan Price recently raised the minimum salary at the company from $35,000 to $70,000 for his 120 employees. While others criticized Price for raising wages, Price was right to do it, and it seems like he put the workers’ needs ahead of profit. Unlike other companies, Walmart has continued to give raises to its workers despite its massive losses.