An information handling system (IHS) includes a chassis that has an accessory bay which is accessible from an exterior of the IHS. The accessory bay supports insertion of one of the PSU and the storage module. A midplane apparatus attached to the chassis at an interior end of the accessory bay has a first electrical connector for electrically connecting to a power supply unit (PSU) connector and a second electrical connector for electrically communicating with a storage module connector when a storage module is inserted into the accessory bay. The IHS detects via the first electrical connector when a PSU is inserted in the accessory bay, and a power controller configures the IHS to receive electrical power from the PSU. The IHS also detects via the second electrical connector when a storage module is inserted in the accessory bay and configures the storage module for access and data storage.