Founded as the first subscription-based payments company for SMBs back in 2014 and recognised as one of the fastest-growing payment organisations in North America, Stax provides payment-related services to more than 30,000 customers. In a highly competitive sector, it continues to invest in new technologies as part of its ongoing commitment to differentiate the firm as a full end-to-end processor.
Jenn Reichenbacher, the Chief Marketing Officer of Stax Payments, has deep expertise in payments, fintech, and SaaS platforms, from her background as an SVP of Marketing at Evercommerce and Paysafe. This has helped shape her enterprise-wide marketing strategy. Her leadership incorporates integrated payments, direct and partner channels, and multi-product SaaS portfolios serving hundreds of thousands of SMBs.
EPI: What are customers actually telling businesses they want from digital experiences today?
Jenn Reichenbacher, CMO, Stax Payments’ CMO: Customers want experiences that are tailored to their needs. They want businesses to understand where they are in their journey and provide information, support, and solutions without unnecessary friction. At the same time, while personalisation is important, customers also want to feel understood. They want flexibility, whether that be through an app, phone, chat, or email, and they want businesses to meet them there. Otherwise, the business risks losing customers to a competitor. The companies that are winning are balancing all of these factors and catering to their customers’ needs first and foremost.
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EPI: Why do you think trust has become such an important differentiator in the AI era? How can companies utilise AI to build customer trust?
Reichenbacher: As AI has become more embedded into everyday experiences, trust becomes the deciding factor of whether customers choose to embrace or reject it. Consumers are aware that AI shapes the content they see, and if companies are transparent about how they are using AI, that will help build trust and create value. Combining human oversight with AI automation and effective communication with customers will help build that trust while still maintaining the human connection that we know is so important.
EPI: How can companies strengthen or regain customers’ trust when an AI tool produces a poor customer experience?
Reichenbacher: The most important thing that companies can do when an AI tool produces poor customer outcomes and experiences is own up to their mistakes. Open communication and demonstrating the ways that the company is going to improve helps reassure customers that their voices are being heard and the company cares about the outcomes it produces. Customers also want to know that there is a human side to companies that can support them when they need it, so making sure there is a human available to correct any mistakes on AI’s part should be priority number one after a poor customer experience.
EPI: What is one thing every business should know about building trust in this changing digital landscape?
Reichenbacher: The key to building trust is that businesses need to reflect the messages that they’re putting out, and technology can easily distract businesses from keeping their focus on their customers. If a business says they value customer experience, then all of their touchpoints should reflect that. AI can help boost business productivity, but it can’t replace authenticity, transparency, and trust. Once the foundation of trust is built, it needs to be reinforced through each customer interaction.
Being in tune with the different customer demographics is another way that businesses can cater to their customers. Gen Z wants fast, digital experiences where they can solve problems through chat and have access to their money in real-time. On the other hand, boomers still use more traditional payment methods and want that real-time phone interaction. Making sure each generation’s preferences are honoured plays a huge role in how businesses can build trust and is something that shouldn’t be overlooked.
