7 Key Factors to Decide on Transcription Rates

Finding the perfect pricing on affordable transcription rates doesn't have to be a frustrating or time-consuming process. In fact, you can consider trying these seven key factors below to really understand pricing and how much you should charge.

1. Time really is money.
   When it comes to transcription services, timing really is everything in terms of being paid. You're being paid for a certain amount of time and accuracy and some transcriptions charge extra for "rush" or fast turnaround jobs to alleviate that.

2. Audio length of each job.
   Time is indeed an important factor but so is the actual length of the job, too. Especially when it comes to medical or highly technical transcription work.

3. Audio quality is the key.
   Having the best audio quality for the transcription job means an easier time to get the work done accurately. Transcriptionists can even charge extra for bad-quality audio or even a contract fee if the audio is completely unsalvageable.

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4. Verbatim or Legal Style?
   Verbatim transcription will record everything as is, including sounds, whereas legal style will "clean up" the audio in order to make it flow like a professionally written document. Both will need different rates as they are completely different in terms of time, effort, and workload.

5. Translation services.
   Transcriptionists should always charge extra or at least more for translation services during a transcription job because it is extra work having to translate everything manually. You have a unique skill that a lot of your competitors can't offer.

6. Specialized editing or formatting.
   This goes beyond the verbatim or legal style transcription if a client is requesting specialized editing or formatting. This should be a consideration for charging a little bit more if it takes more time to complete and format correctly.

7. Per page or per minute.
   This one can be tricky as it can really depend on the project but most transcriptionists tend to go for per-minute rates. This ensures that any "dead space" in the audio is accounted for as you'll still need to sit there and wait for any other audio to come through.

Read Also: Verbatim Transcription: Meaning and When It's Needed