Dan Price, the high-profile co-founder and CEO of Seattle-based credit card processing and financial services company Gravity Payments, has been thinking about coffee shops and fairness since his days growing up in Idaho.
Back when Price’s band played at a local coffee shop, the shop owner had to charge the band a 3 percent processing fee when fans would pay at the door with a credit card. Price remembers thinking it was unfair that the owner was being charged just to get her money. That helped spark his interest in the credit card industry.
Sixteen years into Gravity, Price is again focused on independent coffee shops and solutions aimed at helping them avoid the burden of fees imposed by big banks and companies such as Square, the financial services and mobile payment company that caters to many shops.