Cost Of Interpretation Services: In the fast-paced, advanced world, no business is behind the race with their innovative ideas to stay up with the trends. Any brand failing to keep up with globalisation would certainly not last long in the market. However, business can always stay a step ahead and make communication ever simplified – networking better with an audience on a global scale. For this, they would need interpretation services. Since a large organisation must have diverse groups working together, they must also frequently need an efficient flow of communication at all levels to promote diversity and inclusivity. Whether to remain close-knit inside a business environment or to simply promote their brand better, Interpretation services never go out of date.
In this article, we will bring up points to discuss how necessary and irreplaceable interpretation services can be.
Read More: MoniSa offers Interpretation Services
What are the factors that can influence the cost of interpretation services?
While interpretation is a part of the language industry, professional services are often charged on different parameters, since interpretation is a time-specific and sometimes concurrent task, unlike translation and localisation. Certain factors that play a role in pricing are
Language pair
Interpretation services for a common language pair, such as English-Spanish, may be less expensive than interpretation services for a less common language pair, such as Nepali-Swedish.
Type of interpretation
Simultaneous interpretation services, which are often used for conferences and large events, are generally more expensive than consecutive interpretation services, which are commonly used for business meetings and legal proceedings.
Cost Of Interpretation Services Duration
A two-hour interpretation assignment may cost less than an eight-hour interpretation assignment since the latter would require multiple interpreters and longer working hours.
Industry-specific knowledge
An interpreter with specialised knowledge in the legal industry may increase the cost of interpretation services more than a general interpreter due to their knowledge of legal terminology and procedures.
Urgency
If you require interpretation services on short notice or within a tight deadline, they may have to pay a premium for expedited service.
Location
The Interpretation services provided in New York City might be more expensive than those provided in a smaller city, due to the higher cost of living and demand for services.
Equipment needed
If a client requires simultaneous interpretation services, the cost will include the rental and set-up of specialised equipment such as booths, headsets, and microphones.
Read More: Choosing The Right Interpretation Services For Your Multilingual Business Needs
Pricing Unit Simplified: Professional Interpretation Services
Professional interpretation services can be availed from freelancers, registered language service providers or even hired directly on a contractual basis. Different agencies tend to charge different prices, but there is a method to calculate the final expense. Here are some commonly used measures of pricing units
Per-minute pricing
Consider you need a medical interpreter to interpret a doctor’s appointment for them. A freelancer may charge $2 per minute of interpretation, and the appointment lasts 30 minutes, that’s $60 for final services.
Hourly pricing
Just like the per-minute pricing, hourly rates could be for slightly lengthier or time-consuming processes. For example, if the cost of an interpretation service is $1000 per hour, for 5 hours it is $5000 (often when hiring in bulk, companies might negotiate for discounts).
Flat-rate pricing
When looking for high-quality live interpretation services, the interpreter charges a flat rate of $150 for the entire meeting, which is expected to last 2 hours. You’ll be charged a total of $150 for the interpretation services, regardless of whether the meeting runs longer or shorter than expected.
Per-word pricing
Let’s say you need a document translated from English to Spanish. The translation provider charges 10 cents per word, and the document contains 1,000 words. You can be charged $100 for the translation services, and more if you need some specific formatting.
Project-based pricing
You might need a professional to translate multiple documents and provide interpreting services for several meetings related to a project they are working on. The translation provider charges a fixed fee of $5,000 for the entire project, for the entire translation and interpreting services needed for the project.
Read More: Breaking Down Walls: A Deep Dive Into The World Of Interpretation Services
How to cut down the cost of interpretation services?
Professional interpretation services can cost a lot, but what if you don’t want to spend that much? Here are some ways to reduce the cost of hiring professional services
Plan to cost of interpretation services
If you know that you will need interpretation services for a specific event or meeting, try to book the services well in advance. Some interpretation providers offer discounts for bookings made in advance.
Competitive pricing from the provider
Do some research and compare the pricing of different interpretation providers. Look for providers that offer competitive pricing without compromising on the quality of their services
Use remote interpretation services
Video or phone interpretation can often be less expensive than in-office ones because of how much time the interpreters save on travelling, accommodation, etc. They are also client-bound by physically travelling to offer their services, remote services give them more freedom to gain better experience in diverse fields.
Use a provider that offers membership or subscription
Some interpretation providers offer membership or subscription plans, which can provide discounts on the cost of interpretation services.
Confused while choosing a company that can make professional services worth the bill? Look no further than MoniSa Enterprise. As one of the leading international language service providers, MoniSa Enterprise offers professional services in over 250 languages, while maintaining an affordable cost of interpretation services. Reach out to get a free quote today!
Frequently Asked Questions (FAQs):
You can try to negotiate the cost of any type of interpretation service, however, it is not considered very professional. Experts are already reasonable with the prices they offer because of how complicated projects can be, given their skill set and experience level.
Simultaneous interpretation and consecutive interpretation are the two major categories of interpretation. Simultaneous interpretation is used for live events, where the interpreter translates the speaker’s words simultaneously. Consecutive interpretation is suitable for slow events where the interpreter has enough time due to more pauses in the speech.
You can, but you cannot rely on it since it is not 100% accurate. It is just a literary translation that does not completely showcase the same emotions as in the original text.
Experience, Feedback and ratings, history of projects the professional has worked on, and certifications from places like the American Translators Association (ATA) are some necessary qualifications.
You should avoid interpreters who are complete freshers with no association with any organisation, and no freelance experience too. Also beware of the two extremes in pricing- too high or too low, as they can turn out to be scams.
