How Much Does a Bank Kiosk Cost?
Last Updated: December 28, 2021
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Consumers are increasingly relying on technology and the Internet for their banking needs. They don't want to wait in line for a teller to perform simple functions like transferring funds or cashing checks. A bank kiosk can automate these and a whole host of other services - offering convenience for your customers and decreasing your bottom line.
When most people think of a bank kiosk, they picture an ATM. But modern bank kiosks are capable of far more than just dispensing cash. Many offer full-service banking without the need for a teller.
About Bank Kiosks #
In addition to basic ATM features like withdrawing cash and depositing checks, bank kiosks can be used for:
- Check cashing
- Transferring money
- Buying money orders
- Check printing
- Accessing online banking
- Statement printing
Bank kiosks provide the convenience of 24/7 access to your customers. They also reduce wait times offer Internet access to customers who don't have it at home. They save money by eliminating the need to hire additional tellers or open costly new branches.
Most bank kiosks are large, standalone structures that house a computer, monitor, and printer. Many have features like an external keyboard, mouse, and a scanner. You can also opt for full video, voice and audio capabilities, as well as security features such as a privacy screen and proximity sensors.
Most bank kiosks are about five feet high and three feet wide, weighing up to 300 pounds. They often have removable wheels for easy transport but can also be bolted to the ground for security. Smaller and more portable countertop versions are also available.
Bank Kiosk Average Costs #
Bank kiosks vary widely in price depending on the type you select and the features. They begin at around $3,000 for the hardware alone. Although, highly customized kiosks can cost as much as $25,000 to $35,000 each.
The hardware is likely to cost you $3,000 to $8,000. That includes the computer itself, a touch screen, keyboard, a full enclosure, and typically a printer and card reader. It might also include basic software, but not software that is customized to the needs of your banking center.
Software customization is where the dollar signs really start to stack up. The total cost can be $3,000 to $20,000 or more, depending on the level of customization you require. You'll also need to pay licensing fees of up to $500 per kiosk.
Most bank kiosks come with a one year warranty that covers hardware but not parts and labor. Because of that, you may want to consider buying an extended warranty or maintenance contract. This will cost 20% or more of the total purchase price, but it will cover anything that goes wrong with the machine for up to three years.