Transcription Cost: How Much Should You Pay for Services?


Transcription Cost: How Much Should You Pay for Services?
Beth Worthy

Beth Worthy

2/20/2020

At some point, your business may need some files converted into transcripts. For example, you could be looking to create conference/seminar transcripts, interviews, legal hearings, lectures, webinars, and more. To get the work done fast and accurately, you would need professional transcription services.

There are many companies that offer transcription services. While there are dozens of things to keep in mind when you’re looking to hire a company for your transcription work, pricing will influence what service you will choose.

Here are some factors that will affect the pricing for transcription services.

The Pricing Model

When searching for a transcription services company, consider the pricing model as it varies from one provider to another. Some companies will charge per word or hour rather than per task. However, the most popular pricing model is per audio minute. 

Depending on the pricing model, you could end up paying more or less than what the task costs.

Degree of Accuracy

The accuracy of transcription companies can vary greatly. It all comes down to getting what you pay for. 

If you are looking for high accuracy, say 95%, and above, you are likely to be charged more than a client who does not care much about it. Some companies even offer automated transcription services, which cost much lower than human transcription services, but you may receive a less accurate transcript.

Also Read: Why You Can Count on US-Based Transcription for High Accuracy

The Turnaround Time

Transcription companies may offer different transcription rates for quicker turnaround times.  What this means is that the sooner you want your work done, the more you pay. Longer turnaround times typically mean you will pay lower rates. 

Quality of Your Electronic File

Your file needs to be audible within reasonable standards for its fast and efficient transcription. Various things affect sound quality, such as:

  • Using a low-quality recording device
  • Background noises and distractions
  • Complex subject matter
  • Speakers with heavy accents

These factors may affect the cost of transcription services. Consider them when coming up with your transcription budget.

Additional Speakers

Speaker IDs are crucial in transcription as they let you know who said what and when. Cheap transcription services providers may not offer this feature. Professional companies typically ask for speaker details, such as name or title, for use where applicable. However, this extra effort may affect rates.

Most transcription companies have a set limit of the speakers that can be included for their primary rates. That means you will be charged more for additional speakers.

Timestamps

Timestamps are not always necessary. However, they are vital when transcribing legal files, lectures, and academic files. Most companies charge higher rates to indicate timestamps in transcripts.

In transcription, paying more or less does not necessarily guarantee quality work. However, the rates can indicate the quality of work to expect. Research and compare prices among various providers to get an idea of how much you will end up paying.

Also Read: 9 Key Factors That Decide Academic Transcription Rates

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Beth Worthy

Beth Worthy

Beth Worthy is the Cofounder & President of GMR Transcription Services, Inc., a California-based company that has been providing accurate and fast transcription services since 2004. She has enjoyed nearly ten years of success at GMR, playing a pivotal role in the company's growth. Under Beth's leadership, GMR Transcription doubled its sales within two years, earning recognition as one of the OC Business Journal's fastest-growing private companies. Outside of work, she enjoys spending time with her husband and two kids.