Aliexpress/Alibaba sellers will get you a shiny new Zebra label printer for under $200.
Some conventions can be only a couple hundred people (or less!) as fledgling conferences, so getting the costs per-attendee as cheap as possible out of the gates is important. I could see myself donating Zebra label printers into a convention to support the cause if they executed something like this.
One thing to add though: Have a "DR" (Didn't Realize) plan when you run out of your pre-printed card stock. You may find out your convention gets too popular and you run out of cards - you may need to consider having a backup available (such as printing and laminating color 'badges' to hand to your daypasses, for instance).