Sure, it's probably easy to go into a Bestbuy store and buy a gift card each time you want to save for a Best Buy specific purchase, but my idea would work similar to the Pitch-In card, except that it's for one person.
For the sake of this suggestion, let's call it a Flexible Lay-Away Plan or for short FLAP.
FLAP would work like this:
1) Visit a bestbuy store
2) Take the item which you desire to purchase to any cashier
3) Cashier Scans the item, and with an added POS feature, a gift card transaction is generated with a value that is at least 10% of the purchase price of the desired item. Since the FLAP will remove the item desired from the available inventory, and administrative fee of $3.00 shall apply.
4) The item desired WILL NOT be held for the customer to pick up, however, the FLAP program would reserve the item in it's inventory. In the case of purged/discontinued items, only Lay-Away the price of the item. If the same item is not available, managers will find a like-styled item, and adjust the price accordingly.
5) Customers should immediately activate their card. During activation:
Customers will give their basic information
Customers will provide a funding source, where direct debit from a checcking account is prefered, but visa/mastercard allowed as well.
After the funding source is verified by a mini-deposit method of verification, the customer would set up scheduled withdrawals from their checking account or debit/credit card.
Upon making the FLAP goal, the customer can come to the store to retrieve the time. FLAP would be the form of payment
6) As a bonus for customers to acheive their major electronics purchasing goal, upon successful completion of funding their item something free should be offered relative to the item purchased.
A downside of FLAP would be that customers change their mind on making a purchase. A suggested cancellation policy, that is fair should be:
FLAP participants may cancel their FLAP within 24 hours for 100% refund of the deposit made towards the item on a FLAP Account and the FLAP Administrative fee.
FLAP customers may cancel their FLAP within 25 hours to 14 days for an 85% refund of the total FLAP balance, with the administrative fee non-refundable.
After 14 days no refunds are available, however the FLAP balance may be converted to a Best Buy gift card, minus a 15% re-stocking fee (30% if the item has been purged/discontiniued from sale at Best Buy stores