The ‘Per Recorded Minute’ rate: pros and cons
If you are a transcription professional that has been working in the industry for many years, you will be aware that the ‘per recorded minute’ rate has not always been the way we have charged for our services. There are obviously pros and cons for utilising this method of billing, but do you think it is a sensible and fair way to charge?
Clients can easily work out their budgets, and that is an important point they take into consideration when choosing a transcription provider, but when this way of charging became prevalent, the ‘per recorded minute’ rate price slashing increased. This has had a detrimental effect on the transcription industry. Often standards drop because transcription companies want to win new business, but they cannot afford the services of proof readers and the transcription rates are lowered that are paid to transcribers. Cheap rates usually mean one thing. Consider what paying a fair rate if you want to be able to use your transcript.
All these issues have a knock-on effect in the industry as a whole, and clients often need to realise transcription is a ‘skill’, if carried out correctly. We have to contend with all sorts of issues: poor audio quality, vast amounts of over talking, heavy accented speakers, lots of research, and often very tight deadlines.
Here at Alphabet we maintain our standards, but do not believe in slashing rates or charging ridiculously low rates just to win business. We value our team and the transcription industry is no different than any other sector; what does a ‘cheap’ rate usually mean?
We would like to hear your views and comments on this subject? Be brave and have your say!
If you would like to discover how Alphabet can assist you or your organisation in the transcription process, please telephone: 01707 260027.