The console wars may be raging but many people can only hope to dream of buying the PS5 and Xbox Series X. The world is still in a big economic pinch. With the coronavirus pandemic destabilizing economies around the world, buying an expensive gaming console may not be part of people’s plans just yet.
Luckily, GameStop is planning to offer different payment options for next-gen consoles this holiday season.
VentureBeat obtained internal documents (through GamesBeat) of GameStop which entailed different payment options for the upcoming next-generation consoles. The company itself had confirmed these plans in its latest quarterly earnings report.
“While the ongoing pandemic continues to create a somewhat uncertain environment in the short term, we are very pleased by the consumer response at GameStop to the few recent video game product introductions and we believe we are ready, with expanded service and payment options, to handle the expected surge in demand and participate in a very significant way in the console launches later this year,“ says GameStop CEO George Sherman in their report.
GameStop will be offering a new layaway plan which allows customers to reserve a product. GameStop will keep the product in its stores and customers can make partial payments until it is paid in full. Once the product is fully paid, the customer can then take it home.
The next payment option is the company’s installment plan. In this plan, GameStop will use third-party payment services like Quadpay and Klarna. These third-party companies will allow customers to divide a purchase into four payments. This only lasts for six weeks but it is also interest-free. However, these payment services will also take a commission from the purchase.
Rent-to-own is GameStop’s last payment option. In rent-to-own, a customer would be able to take a product home after making a minimum initial payment. The customer could then pay in installments for one to 12 months until the product is fully paid. GameStop is currently in talks with a reputable third party to make this option happen.
GameStop’s initiative will definitely benefit those whose budget is a little tight, thanks to the pandemic. The prices for the PS5 and Xbox Series X are significantly high for good reason.
At US$500, buying them can destroy a person’s entire monthly budget. While you can argue that people won’t purchase something they can’t afford, there are also many who would scrimp on their living expenses to pursue their passions.
The release of the next-gen consoles this holiday season is important to GameStop. The company hasn’t all been doing well in the last few years with the rise of digital game copies. In fact, the company had announced the closure of 300 of its outlets just this year due to decreasing sales and the pandemic.
However, gaming consoles aren’t something that people can download. GameStop knows this for a fact and profited greatly from the PS4 and Xbox One in 2013 and 2014.
The company is aiming to emulate that success even with the pandemic, hence its alternative payment plans.
Thanks to this, people wanting to purchase the PS5 and Xbox Series X can finally do so without affecting their finances too much. Microsoft already has a similar payment option with the All Access plan. However, PlayStation enthusiasts don’t have such privilege and would benefit immensely from GameStop’s expanded payment options.
Featured image courtesy of Mike Mozart/Flickr
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