How Much Do Transcription Services Cost?
If you have decided to outsource transcription work, you are most likely confused by the many options available. In fact, your biggest question right now is, “How much do transcription services cost?”
Worry not. This article is your complete guide to transcription pricing. By the end, you’ll clearly understand transcription costs. We will also point you toward an affordable transcription company you can rely on.
How Much Does a Transcription Service Cost?
Reputable transcription companies often set their rates from $1 per minute to $3 per minute. To put it in perspective, this translates to $60 to $180 per audio hour.
Transcription Rate Structures
Below are the most common pricing structures for transcription services:
- Per Audio Minute— This is the most popular structure. Pricing can range anywhere from $1/min to $3/min.
- Per Service/Work Hour— In this structure, the transcription company bills clients based on the hours spent transcribing. Rates typically range from a modest $10 to $60 per hour. If a transcription company charges $25 per hour, transcribing an hour-long audio will cost you $25.
- Per Word— In this model, transcribers charge based on the number of words transcribed. For instance, they might set a rate of 9 cents for every word. In this scenario, if they transcribe 100 words, the cost would be $9. There’s also an alternative where transcribers charge per line. This is common in the medical field. A line can cost between 6 and 15 cents.
What Factors Influence the Cost of Transcription Services?
Several factors impact the average rate for transcription services. Let’s break them down.
Turn Around Time
The speed at which you need the transcription completed directly impacts the cost. A quicker turnaround time, like 24 hours, will incur a higher price— approximately $3 per minute.
On the other hand, opting for a more extended turnaround time, say three days, can result in a more budget-friendly rate, averaging around $1 per minute.
Quality of the Audio
Clear audio is easier to transcribe. It will also be cheaper. On the other hand, if your audio is fuzzy or has obscure language, it takes more time and effort and, ultimately, costs you more.
Industry and Complexity
The type of industry and how complex your audio is can affect how much you pay for transcription. If your audio has a lot of tricky terms or is from a complex industry, like healthcare, it might cost more than simpler content from a general industry.
Special Requirements
If you have special requests like timestamps, true verbatim transcription, or specific formatting needs, be prepared for higher rates.
Unlock Quality Transcription at an Affordable Price with Transcribers Digest
At Transcribers Digest, we use the pay ‘Per Audio Minute’ pricing. Here’s a breakdown:
You don’t have to break the bank to get quality transcription.
Contact us today to place your order and enjoy unparalleled quality.