GameStop considers installment plans for PlayStation 5 and Xbox Series X

GameStop wants to make it easier for you to buy a new console this holiday, even if you don’t have the cash in your pocket. The company is considering a plan to launch multiple alternative payment models this month, according to internal documents provided to GamesBeat. These payment options include layaway, installment plans, and rent-to-own. GameStop confirmed the plans during its quarterly earnings report today.

These options could prove crucial to GameStop this holiday. The PlayStation 5 and Xbox Series X are both launching this quarter, but gamers are expecting them to come with high prices. Microsoft confirmed that the Xbox Series X is $500 earlier today. These could prove too expensive to the millions of people who are underemployed or on reduced salaries due to the COVID-19 pandemic. And while many people will likely choose not to buy a system if they cannot afford it, GameStop thinks it can help those who want to try to scrimp and save.