GameStop recently confirmed during its quarterly earnings report issued on September 9 that customers will be able to pay for PlayStation 5 or Xbox Series X consoles in installments. There are three new payment options, including layaway. Players will be able to reserve a console at the store until it’s paid off completely, allowing users to pay smaller payments at a time. GameStop is also offering installment plans.
The installment plans will be operated through third-party payment services, including Quadpay and Klarna. Shoppers can pay off the purchase in four installments over six weeks with no additional fees.
The third payment plan is rent-to-own. An internal memo has said that GameStop is working with a “reputable third-party partner” to offer rent to own options for items, including game consoles. Shoppers will pay a little cash upfront and pay off the console within 1 to 12 months. Gamers will be able to return the console at any point in the arrangement.
We already know that Microsoft has the Xbox All Access plan, which will be available through GameStop. That plan lets gamers purchase the Series X or Series S and make payments over 24 months at $35 per month and $25 per month, respectively. Bundled in that price is Game Pass Ultimate making this option cheaper than purchasing the console and paying for the streaming service each month for two years.