GameStop customers will be able to pay for their PlayStation 5 or Xbox Series X in installments this holiday season. The new options for payment include a layaway option, third-party installment plans, and a rent-to-own process, according to internal documents obtained by VentureBeat. The expanded payment options were confirmed in GameStop’s quarterly earnings report on September 9.
Here’s a quick overview of the three main payment options:
Layaway: You’ll be able to reserve a console at the store until you pay it off completely, allowing you to contribute smaller payments at a time.
Installment plans: GameStop will offer installment plans with third-party payment services, including Quadpay and Klarna, that allow shoppers to pay off their purchase in four installments over six weeks, with no additional fees.
Rent-to-own: In an internal memo, GameStop said it’s working with a “reputable third-party partner” to offer rent-to-own options for many items, allowing customers to take the product home with them with “minimum upfront money” and pay it off within one to 12 months. You’ll also retain the option to return the product at any point.
Shoppers can also opt for Microsoft’s Xbox All Access plan through GameStop. Available for both the Xbox Series X and Series S, Xbox All Access allows you to make payments over a 24-month period, costing $35 per month for the Series X and $25 per month for the Series S. Xbox All Access also includes Xbox Game Pass Ultimate, and because of that perk, it’s actually cheaper to opt for the All Access plan rather than buy the console and subscription separately, saving you $59 on the Series S and $19 on the Series X. Xbox Series X and Series S preorders go live on September 22, so you’ll likely be able to sign up for Xbox All Access then as well.
Unfortunately, no such payment plan has been announced yet for the PlayStation 5; in fact, at this point, all we know about PS5 preorders is that the first round will be available on an invite-only basis exclusively from PlayStation’s own store. We don’t yet have a price and don’t even know when or which third-party retailers will have the PS5 in stock. However, we may learn more on September 16 during a new PlayStation 5 showcase. But in a year where so many people have lost their jobs or had their salaries reduced due to COVID-19, having a wider number of payment options, including Xbox All Access, is certainly a positive thing.
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