GameStop preparing PlayStation 5 payment plans

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US retailer GameStop is reportedly putting together a series of payment plans for Sony’s upcoming next-gen consoles in order to boost sales. These are thought to be particularly important to the retailer’s plans for holiday 2020 sales.

This news comes from an internal memo that was shared with press outlets by employees. It shows that there will be three options for customers hoping to pick up any of the next-generation consoles, a PlayStation 5, Xbox Series S, or Xbox Series X.

The first option is a layaway payment plan, which GameStop has offered previously. This allows consumers to reserve a console, then pay it off in smaller chunks, until it’s totally paid off. Until the console is paid for, the consumer cannot collect it. This particular scheme is due to launch this month, with details being made public soon.

An alternative option is for consumers to use popular third-party payment providers, such as Klana or Quadpay. This option allows consumers to pay off their console in four smaller chunks over the course of six weeks. These plans won’t cost consumers any more money.

The last option is another popular third-party provider, though the name isn’t known. This option will give consumers the chance to pick up a console for a minimal fee, then pay it off over the course of up to a year.

These payment plans have not been officially announced as of yet. However, the company’s press release for their first quarterly earnings did mention expanded payment options in a quote from CEO George Sherman.

GameStop’s most recent earnings must have had some influence over their choice to begin expanding payment plan options. Making next-gen consoles as affordable as possible will only help them sell more units.

$92 million was the confirmed net loss that the company suffered for the second quarter of this financial year. Whilst this is an improvement over the loss of $165.7 million the previous year, the company is still set to close 450 stores by the end of the current financial period.

Microsoft has just this week confirmed that they will be offering payment plans for both the Xbox Series S and Series X. This makes them more accessible than ever, and is sure to shift units quickly.

If GameStop can capitalize on the interest consumers are showing in these plans with their own offerings on all next-gen consoles, then it could help them offset the year’s losses with a huge boost in holiday sales.