Payments has become one of the more dynamic aspects of running a business. Even a few years ago, merchants only needed to account for a few different payment types. That's no longer the case; as technology changes and consumers gain access to more ways to pay, businesses have had to become more nimble and flexible. 

Of course, obscurity in forthcoming payment trends has prevented retailers from truly preparing for the future. Not only do businesses now have to account for consumers' tastes, but they also have to watch how technology manufacturers, banks and card brands could affect behavior at the point of sale. 

Take mobile payments as an example. The payment type was mostly pushed by Apple, Android and Samsung, all of whom weren't payments players before a few years ago. It's difficult to tell how many consumers use their phones to pay and how often. As noted by the Minneapolis Star Tribune, studies and research often yield conflicting numbers and outlooks. However, the news source concludes that a large group of consumers might use mobile payments in the near future; EMarketer data indicates that 23.2 million smartphone-owners made mobile payments in 2015, with the potential to increase to 69.8 million by 2019.

By no means is nearly 70 million shoppers a small group, even if it isn't the lion's share of consumers in the U.S. However, businesses could still stand to gain by catering to this growing audience, making it all the more important to integrate mobile payments into the point of sale. 

Not just mobile, the whole future

Through options like mobile and EMV, merchants are beginning to learn that it isn't enough to merely adapt to changing types; it's better to be prepared for forthcoming innovations and massive shifts than simply reacting. That's why future-proofing has become so important, but that's often been difficult. 

Previously, point of sale technology was cumbersome and finicky. As a result, businesses would often upgrade only when it was absolutely necessary. Instead of changing for every new payment type and having to incorporate additional hardware, merchants would often wait until their current systems were on their last legs. 

Fortunately, payments technology has evolved away from being tied exclusively to hardware. Genius is the prime example of the movement to both Payments-as-a-Service and future-proofing, two complementary elements. With Genius, merchants don't have to worry about payment types and form factors changing. Uncoupling the solution from hardware means that businesses will be ready for whatever the future may bring because updates can be enabled remotely. 

Future-proofing has never been easier. Now businesses can be ready for anything and everything. 

​​Genius Spotlight: The Changing Future

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