Consider the total cost, and don't ignore the price of doing nothing
The first thing to remember is that "how much will it cost?" shouldn't be the first question. Instead, think of it in terms of "Return Over Investment" or to put it simply: "How many euros will you get back for each euro you put in."
So if we want to get a full picture, you need to consider not only the costs of the platform and what you will pay upfront, but also the additional revenue you will be generating, and what it would cost you to simply "do nothing."
The "cost of doing nothing"
There are significant costs to not using an RFID Platform and using instead cash and relying mainly on cash payments. A true cost-benefit analysis must take these into consideration, in addition to the direct and indirect revenue and savings generated by the RFID Platform.
Direct cost factors to consider
The first and most common misconception is that an RFID Platform has a "sticker price" and that a quote or price can be given as a single number. The reality is that the cost is virtually impossible to estimate unless we understand the particular circumstances and goals of your event.
There are several factors that will typically play a part in the quote you'll receive:
What types of RFID solutions do you need?
Access control is usually simpler to implement than cashless payments, and the later are easier to implement than social activations; each of these will affect your final quote.
Number of attendees
RFID Platforms are typically priced on a per-attendee basis. Usually, the more attendees at your event, the less you can expect to pay for a single attendee.
Hardware
This includes the RFID accessories given to attendees, such as wristbands, badges or lanyards, as well as the devices used to read them and operate the platform. Wristbands start from about €0.40 each, and RFID readers can be loaned to you as part of your quote.
Software
Any solid RFID system will include an event management platform where you can run reports, track attendance, check vendor transactions and topups, etc.
On-site Support and Other Services
Will you need the RFID provider to have a team on-site at your event, in addition to your own staff? Or will remote support be enough?
Indirect costs of running a "cash only" event
Lost and stolen cash
Studies estimate that lost revenue due to theft and mishandling of money typically ranges between 3-15% of total event revenue.
Wi-fi costs
Accepting credit card payments in remote or large-scale events will often require you to invest in a wi-fi connection, which could easily be in the tens of thousands of euros.
Staffing
RFID access control streamlines the admission flow and makes it faster and more secure to validate tickets. This means you could hire fewer people to manage the gates.
Revenue Benefits of implementing an RFID Platform
Increased spend per customer
Studies estimate an increased spending of 15-30% more per person on events that implemented an RFID Platform.
Higher sponsorship opportunities
An RFID platform will provide you with precise data collection and will empower you to create branded activations, helping you gain better sponsorship deals.
Improved attendee experience
Attendees have more fun when you use RFID: They wait less in line, they enjoy better security, and they don't need to carry cash.
Summary
When calculating the cost of an RFID platform, consider the full picture: direct costs, indirect savings, revenue increases, and the cost of doing nothing. Most events find that RFID pays for itself within the first event and generates significant ROI in subsequent years.