Should Price have consulted with his customers and his employees before he made the decision to ...

Consultations lessen surprise--and often people like stability, not surprise. Consultation would help in thinking out all aspects of the plan--like how to reward or reprimand employees; how employees feel about the change; how customers feel; finding out whether the changes will result in rate increases, and finding out what some unexpected consequences might be and how to measure expected benefits. In the future, will the right fit of people be hired into the company, or will a different person than expected apply? Will morale be positively or negatively affected? Will he be able to track and measure changes in productivity, morale, revenue, etc.?
(For reviews by current or former employees of Gravity Payments, see the Glassdoor website (Glassdoor 2016). Most reviews are very positive, with a recurring negative being, ironically, media attention.)