News from the Wire

Dharma Merchant Services raises salary bar to $70,000

Thursday, September 10, 2015 — 20:59:17 (EDT)

San Francisco, Sept. 8, 2015 Today the merchant services industry has inched closer to addressing income inequality – with Dharma Merchant Services taking the queue from a Northwest MSP – by increasing the salaries of all entry level full time staff to $70,000 per year, effective immediately. Dharma’s CEO to worker salary ratio continues to be less than 4:1, versus the national average CEO pay differential of over 200 times median income. New hires will be offered the minimum $70,000 salary after completion of their first year.

According to CEO, Jeff Marcous, “For over 24 years, I have been witness to huge discrepancies in senior management incomes and lifestyles to those of the workers supporting the business, which is a reflection of the prevailing culture of income inequity. This change is Dharma’s way of further supporting a sustainable work culture that benefits all stakeholders, not just those at the top of the ladder.”

Devoted since 2007 to the principles of full transparency, ethical business practices, social responsibility, and environmental sustainability, Dharma has set unique standards for an industry that has historically suffered from a tarnished reputation of overcharging, excessive termination fees, non-disclosure of policies, etc. This new salary policy will not affect the company’s commitment to donating more than $100,000 annually to worthy causes, nor will it affect the discounted pricing model and caring support of its merchants.

About Dharma Merchant Services: Based in San Francisco, Dharma is a new kind of merchant service provider serving thousands of small businesses and nonprofits with fair pricing, transparent practices, and a conscious business ethos. As a certified B Corporation, Dharma was created as a business to be of greater benefit to all stakeholders – merchants, staff, vendors, community, and planet. www.dharmams.com .

Source: Company press release.