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To get to my idea, I need to relay my story. I reserved the Xbox One back when we first could. The staff at the store was friendly and helpful. They assisted me with the reservation, and even talked me into getting a few games. They then explained that I could pay off the entire balance before the release(at once) or a little at time. I though this was a great idea. I went a few weeks later to put $300 down on my reservation(cash), and was told that I couldn't do so. My only options were to cancel the reservation(and not get the product) or wait, as there was no way they could take my money. After words with the sales associate and speaking to the manager they failed to understand my issue and concern. Regardless if the employees were wrong or not; I found it difficult to understand, that you had a customer in you store that wanted to give you money and there was no way they could do so. While I understand that Best Buy doesn't have a Lay Away program, this isn't lay away. My concern and issue is that for such a large reservation($500) there no way for Best Buy to take my money. For many people who want this type of item, $500 is A LOT of money. I know you(Best Buy) will not loose sales, because this item is going to be popular for Christmas, if people fail to pick-up. But think of the popularity and positive image if you had something in place where people could pay on those large reservations. Large product reservations like this don't occur that often, and something should be in place to make it as easy as possible. I'm not saying that this should be an every day policy for everything, but for releases like the PS4 and Xbox One. For a company that has had issues with declining sales, you would think something like this would have been thought of long ago. It seems like a no brainier. Get people into the store to buy your products.
For something that isn't released yet, I can see how this is something that could work for some people.
However, if it's for things that have already been released, then I'd say: don't do it. You might actually end up with an older model by the time you pay it off.
Alternatively, why not simply placing the money in a savings account? You'll be making some interest, even if it's just a little, and you're always in control of the money (what if some life changing event happens and you need those few hundred bucks all-of-a-sudden?).. Also, don't forget such programs may cost money to make use of and if the company goes under, you probably lost all money you put into it.
Paying for things that have been released is considered Lay Away. I understand why some companies choose not to do this. As far as concelling a pre-order, I am un aware of there being a fee if cancelled. I have canceleed smalled items from Best Buy and other stores and have never been charged. so if something "Life Changing" happens, it should be no worse that having to get your cash out of the bank.
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