Transcription costs vary wildly depending on which company you go with. There are a few factors to consider when deciding how much to pay for transcription services. While a transcription service can be costly depending on your needs, knowing how much you should pay for them can help save you time and money in the long run. This article will discuss the factors that affect the cost of a transcription service.
10 Factors That Affect the Cost of Your Transcription Service
1. Type of Documentation
Transcription experts charge differently depending on the type of documentation. For instance, a written document may be charged differently than an audio or video file. A transcription service charges for their time when transcribing audio or video recording and will rely more heavily on speaker identification to help make sure they get paid for the proper amount of time. Documents are transcribed more quickly, which means the transcription company will not be paying as much attention to accuracy. As a result, it is usually less expensive to convert an audio or video file into a written text than to transcribe that same material.
2. Type of Transcription
The type of transcription you need will affect the cost associated with transcription experts. Medical transcription is extremely costly because it requires special knowledge and training to understand medical terminology. Other forms of specialized transcription, such as legal or business-related materials, may also be more expensive than other types of documents. However, if your transcript does not require special knowledge or training, it will be less costly to transcribe.
3. Turnaround Time
The turnaround time for transcription is another factor that affects how much you pay for the transcription service. If your need requires a faster turnaround than standard, this will also increase the cost of getting the transcript. Turnaround time is almost always included in the price you pay for the transcription service. However, very short turnaround times may require a premium to be added to that initial cost.
4. Number of Transcriptionists
The number of transcriptionists at your disposal will affect how much you pay for the transcription service. The more transcriptionists working on your transcript, the less you will have to pay per person. This is another reason transcription companies provide free samples of their transcripts before you commit to purchasing the service. A company may quote a high price for its services which can be compared with other companies in your area so that you can compare prices, quality, and deadlines to find the best transcription service for you.
5. Level of Difficulty
The level of difficulty involved in your specific project can also influence how much you pay for the transcription service. If the recording is difficult to hear, if multiple speakers or people speak with different dialects, or if some of what is said are in another language, it will cost more to get this transcription done. This will also apply to transcriptions that require special skills on the part of the transcriptionist.
The length of the recording or video and how much is being said will also affect how much you pay for the transcription service. If there is a lot to write down, it will cost more to get this transcript done for you than if there was very little that needed to be written out in detail.
6. Skills Needed
The skills needed to transcribe a specific recording or video may affect the cost associated with a transcription service. There are general, basic skills that can be applied to almost any form of transcription you might need, such as knowing how to operate a computer and speaking clearly so that what you say into your microphone can be heard clearly during playback. However, suppose the material you need to be transcribed requires more advanced skills, such as medical terminology or legal terms. In that case, the transcription service will cost more than other types of transcripts.
7. Special Features Required
If you need your transcripts formatted a certain way or delivered in another form, it will cost more than a standard audio transcription service. Be sure to check with the company you are using to ensure they offer whatever features you require before giving them your business. You can save money by choosing a transcription service that provides the features you require.
8. Accuracy of Transcription
Accuracy is very important because you will have to pay for those services again if the transcription contains any errors. The way that accuracy is measured varies by company, so ask the transcription company you consider how they rate their accuracy. You can save money by choosing a transcription service that offers excellent customer service with their transcripts. Excellent customer service means if there is any missing information or mistakes with your documents, the transcriber will be contacted and requested to correct it for free until their work meets your standards.
9. Proofreading Buyout Fee
A proofreading fee is needed when you want to read through the transcription before sending it back to you. This can add a significant fee to your total, so be sure that you only require the proofreading service if necessary. You should also read through your transcripts yourself before sending them back to make sure they meet your standards and requirements.
10. Number of Speakers and Languages
The average cost for transcribing an audio recording is charged per minute, but this can vary depending on how many voices are used and what languages are spoken during the recording. If you need to know exactly how much you will be charged, call the company and ask them directly. Platforms such as GoTranscript have base fees that you can check out and determine your budget beforehand.
When it comes to transcription, different factors will affect how much you pay for the transcription service. How educated the person is who does your transcript will play a role in determining the cost. So will the level of difficulty involved and what exactly needs to be transcribed. The more difficult it is, the more it costs to get your transcript done. You only have to check with the transcription service agency and get the precise fees.