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posted by martyb on Tuesday October 27 2015, @10:25PM   Printer-friendly
from the sydney-morning-herald-wrong-again dept.

The Center for American Progress reports

In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.

[...]Six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.

On top of that, while it lost a few customers in the kerfuffle, the company's customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.

Previous: Gravity Payments: CEO Takes Cut and Makes $70k/year New Minimum Salary
All Staff Pay Raise Backfires on Credit Card Processing Firm


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  • (Score: 5, Informative) by TheRaven on Wednesday October 28 2015, @09:25AM

    by TheRaven (270) on Wednesday October 28 2015, @09:25AM (#255484) Journal
    The people who first discovered most of the EMV compromises are in the office just across the hall from me. In spite of that, it is far more secure than magnetic stripe. The equipment required to copy a magstripe is cheap and ubiquitous. Most of the EMV attacks rely on either MITM attacks on the payment terminal or stealing stealing the card and inserting the chip into a fake card below a proxy chip that does MITM. The rest rely on weaknesses of implementation (and allow the store part to be attacked, not the customer part). In contrast, you can have a magstripe copied in seconds by a machine that an underpaid sales clerk can fit in the palm of his hand.

    That said, I do find it hilarious that the US banking industry waited until the compromises were public before deciding to adopt it.

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