GameStop Will Be Letting Customers Pay For The PlayStation 5 And Xbox Series X Through Installments Over Time

GameStop Will Be Letting Customers Pay For The PlayStation 5 And Xbox Series X Through Installments Over Time
Credit: Sony and Microsoft

Times are tough on everyone. The COVID-19 pandemic has decimated the global economy and a lot of folks find themselves either unemployed or with a much tighter budget this holiday season.

That makes this the worst possible time for two new video game consoles, costing $500 each, to hit the shelves.

However, thanks to gaming industry staple GameStop, it seems as though people won’t have to shell out $1,000 if they want both systems. At least not right away.

The company (which has also struggled greatly in recent years) is going to allow customers to pay for their system using a number of installment-based initiatives.

This was confirmed earlier in the month during GameStop’s quarterly earnings report.

GameStop is offering three main options for customers as it pertains to these highly anticipated consoles.

First you have the Layaway option. When choosing this route, a customer can reserve a console that will be held at the store. This allows you to contribute smaller payments over a longer period of time. But you don’t actually get the console until you pay for it in full.

Then there’s an Installment plan. GameStop will set up a series of installments through a third-party payment service. Some of the names mentioned include Quadplay and Klarna. Shoppers would then be able to pay off the system in four installments over a period of six weeks. According to GameStop, there will be no additional fees tacked onto this.

Then, finally, you have the Rent To Own plan. GameStop confirmed this in an internal memo, in which it noted that it was working with a “reputable third-party partner” to offer this option. Customers would be able to take the console home after putting up what GameStop describes as “minimum upfront money,” and then pay the entire purchase off within one to 12 months from that point. You also have the option of returning the product at any point.

Microsoft has also announced their Xbox All Access plan, which is available through a series of retailers, including GameStop.

This works for both the Xbox Series X and the Xbox Series S. You’re able to make payments of $35 per month for 24 months on the Series X and $25 per month for 24 months for the Series S. This also comes with Xbox Game Pass Ultimate. What’s interesting is that the addition of Game Pass Ultimate makes All Access cheaper than buying the console and subscription separately. You’ll save $19 on the Xbox Series X and $59 (the cost of most games) on the Series S.