Supporting Small Business: Dan Price of Gravity Payments

This week, hear from Dan Price, CEO of Gravity Payments. Many people know him for his decision to give up most of his own salary so that everyone at his company would make a minimum wage of $70,000. Gravity Payments is a credit card and payment processing company catering to small businesses. Dan is publishing a book, "Worth It," about his experiences.

Despite productivity in the United States rising by 70% over the last 40 years, the hourly pay of most workers has stagnated, increasing only 11.6% over that same time period. The median household annual income today is approximately $55,000 (pre-Covid-19). 

"Small businesses unquestionably make our lives better, make our communities better," says Dan. "When I announced I was taking a $1 million pay cut to pay everyone $70,000 a year, the situation was that I was now in a community where everybody could meet their needs. And Gravity Payments became more about the people and the principles behind the company."