Layaway provides customers with the opportunity to keep a product on reserve at the store pending when the customer completes full payment of the product. They simply pay smaller, partial payments until they’ve paid for the entire cost of the item. But you may wonder if you can use this tactic to get a video game console like the PS5.
You can put the new but pricey PS5 console on layaway. You can buy the PS5 with a low monthly price when you opt for a layaway payment plan, either at GameStop or any other outlet, just ask a salesperson for the details. GameStop offers payment plans for the PS5 and Xbox Series X.
Layaway is a great option for buying pricey gaming items since it affords gamers the option of contributing small payments over a period. It also avoids the interest rates and higher cost of financed payment plans. Let’s take a look and address any concerns you may have about getting a PS5 on layaway.
What is Layaway?
If you’re considering a PS5, rest assured we consider it worth buying, but that doesn’t mean the sticker price isn’t still a bit scary.
Layaway is a method of purchasing goods where a consumer puts a down payment on an item, which the retailer keeps until they pay the remaining balance in installments and take possession of the item. A layaway plan assures the client that they will receive their desired item after it has been fully paid for.
Although layaway is not a widely used idea nowadays, it was once rather popular in the past. Rather than taking the item home and then repaying the loan every month (as with most financed installment plans) the layaway consumer does not receive the item until the balance is paid in full.
There may be a small fee for this service because the vendor has to “store” the item until all of the payments have been made.
How Does Layaway Work?
While layaway plans differ widely among businesses, most follow a similar basic framework.
Step 1: Select an item
Select an item(s) for layaway. Some businesses don’t allow layaway access to items that cost more than a certain amount or are from certain sections, like electronics, furniture, and jewelry.
Step 2: Make a deposit and service fee payment.
Some stores ask for a percentage of the total price as a deposit, while others let you choose how much you want to put down.
Step 3: Pay in increments
Different retailers may offer different payment schedules and layaway terms. Depending on the program and other circumstances, such as the cost of the item, you may make weekly, bimonthly, or monthly payments. Most shops request full payment of layaway orders within a year.
Step 4: Bring your thing home
After you’ve paid off your layaway item, you may pick it up and take it home from the store.
Does the PS5 Have Payment Plans?
GameStop offers payment plans for the PS5 and Xbox Series X. The business aims to provide a variety of payment alternatives for the next-generation consoles. For those hoping to purchase a PlayStation 5 and an Xbox Series X, GameStop is now giving the option to pay in installments for both systems.
According to internal documents obtained by VentureBeat, there are three more payment options: layaway, third-party installment plans, and a rent-to-own process. GameStop acknowledged the increased payment alternatives in its latest quarterly results announcement.
How to Get a Payment Plan for the PlayStation 5
Purchasing a new game system may be challenging, even more so given the high price of the PlayStation 5 and other devices. When you purchase at RTBShopper.com, you may take advantage of layaway payment options that may not be available at other retailers.
Here is the summary of the three primary payment methods:
Layaway
Until the console is paid in full, you will reserve a console at the store. This will let you make smaller payments.
Installment payment plans
Payment platforms like Quadpay and Klarna will be used by GameStop to allow customers to pay for their purchases in four equal installments over six weeks without having to pay extra fees.
Rent to own a PS5
GameStop announced in an internal memo that it is partnering with a “reputable third-party partner” to offer rent-to-own alternatives for several items, allowing customers to take the equipment home with a “minimal upfront payment” and pay it off over one to twelve months.
Rent-to-own schemes can be a great tool, but if they charge you an interest rate, it’s really a glorified financing plan. Make sure you ask for the final total cost of the plan if you do this, to make sure there aren’t hidden costs in the rental payments.
Why is Gamestop Offering Layaway for the PS5?
The forthcoming holiday season is critical for the world’s largest reseller of gaming-related products.
GameStop’s sales and stock price have been declining in recent years as more gaming income has shifted to digital. New hardware cannot be downloaded. And GameStop was instrumental in the launch of the PlayStation 4 and Xbox One consoles in 2013.
These payment options are necessary to ensure they continue to succeed. Of course, how the console launch will play out is an unanswered question. Microsoft recently announced the Xbox Series X price and presale details, as well as the Xbox All Access partners.
Sony has not yet revealed pricing or retail partners.
However, Sony announced a presale scheme for its online store. For a moment, it appears as though Sony and Microsoft may be less dependent on brick-and-mortar merchants. But, GameStop’s new payment methods should help the business once Xbox Series X and PS5 inventory become available.