The retail and restaurant industry have an unfortunate high turnover rate at approximately 20% per year. For a retailer or restaurant with 1,000 locations that would amount to 200 re-keys a year. A standard re-key can cost up to $450 per location when you add together re-keying the cylinder, key duplication, labor, and a trip charge. That means that in the span of a year, across all locations, a retailer or restaurant would spend $90,000 on re-keys alone.
Businesses incur expenses in many fields and just like any other expense; re-keys are an important component that need to be “shopped around”. The best weapon when shopping around for prices is knowledge. There are many considerations to be taken when shopping for a locksmith and the right key system. Standard key ways may seem like the best option because of the low cost up front, but they are the most expensive option when it comes to re-keying your location. You need to find the most suitable integration for your needs. (Read more on that here.)
Two cost effective options you will find to standard key-way cylinders are Interchangeable Core (IC Core) and Medeco XT.
Once you have IC Core already installed into your doors, re-keys are a minimal expense. When the time comes, you simply call in your order for new cores and they are shipped overnight to your location. When they arrive, you use your master key to take out the current cylinder and use your new key to install the new core, easy as that. For a re-key of a location using the IC core system, it will run you around $200 to replace the cylinder in 5 doors.
Another unique option is the Medeco XT. The Medeco XT is a complete electronic locking system, key, and cylinder, which provides Controlled Access, Accountability, Physical Security, and System Management through its’ software. The XT is a smart key that cannot be duplicated. It may have a higher upfront cost, but there is no additional expense to re-key. You use the software that is included to set the controls for when a door can be accessed and who can access it. If an employee is terminated and you need to re-key, all you have to do is eliminate that key from the software. Once that has been completed you touch the master key to the control hub, which is connected to your computer, then insert the master key to all of the doorways. That’s it; you have successfully re-keyed your entire facility at no additional cost.
No matter which key system you go with, educate yourself as best as possible to ensure you are choosing the right solution for your business.