GameStop is reportedly planning on offering different payment plans for those that want to purchase the Xbox Series X and PlayStation 5.
The storefront retailer has had a tough last few years. Thanks to Xbox Live, PSN, Nintendo eShop, and PC games software clients like Steam, gamers are buying more digital downloads than ever before instead of spending their money at brick and mortar stores like GameStop. Sony and Microsoft made a smart move by creating next-gen consoles without disk drives for a lower price point. This spells trouble for GameStop, which has long geared its business model towards pre-owned games in addition to midnight game releases and launch events.
But GameStop still has plans to stay in the game. According to VentureBeat, which gained access to internal documents, the retailer has initial plans to explore payment options for individuals who want to purchase a console, but won’t be able to pay in full upfront. This could bring the retailer to access a group of people who can’t afford the pricey PS5 and Xbox Series X consoles, potentially allowing them to gain revenue with future game purchases in addition to the payment plans.
One of the few options GameStop is reportedly offering buyers is a layaway plan. This is somewhat expected, as GameStop already does a layaway plan without fees for consoles currently on the market like the PS4 and Nintendo Switch. It allows consumers to put a next-gen product on reserve at GameStop and it’ll only be taken home once it’s completely paid off.
GameStop will also be working with third-party processors for accessible payment services. Clients like Quadpay and Klarna enable consumers to split up a purchase into four payments over a six-week period, interest-free. In lieu of interest, the companies take a small chunk of commission from the retailers. Lastly is the rent-to-own option, possibly the most ideal option for players. GameStop sent a memo to its managers detailing its plans to work with a third-party partner “the offers rent-to-own- options for most items in your stores,” according to the documents obtained by VentureBeat. “This plan allows the customer to walk out the door with minimal up-front money and pay their purchase off between 30 days and 12 months.”
These payment plans act separately from Xbox All Access, Microsoft’s own payment plan that allows Xbox Series S or X purchasers to pay it off at $25 or $35 per month over the course of 24 months. Sony has not yet announced any payment plans for the PS5, however, it’s likely that the company will want to mirror Microsoft’s competitive business plans. Most likely, consumers planning on purchasing PS5 consoles may get more information on payment plans once the official price finally drops.
Xbox Series S, X will release November 10, 2020. PS5 will release at a TBD Holiday 2020 date.
Source: VentureBeat
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