Finding a reliable, credible, and professional interpretation service that is the perfect fit for your company’s specific industry, and which has experts in over 260+ languages, usually is one of the hardest and most costly searches. At The Translation Gate, we can easily provide professional interpretation services across 30+ industries at the best market prices, with 24/7 on-demand service and a language pool of 260+ languages.
You might be wondering why you would need an interpretation service for your business in the first place when there are AI apps available for interpretation, but there are hidden costs you are not aware of that we will explore more next.
The True Cost of Language Barriers in Business
A lot of companies might overlook the hidden costs of language barriers because they are not as clear or direct as other costs caused by other factors. But losing a contract, failing at negotiations, and legal repercussions because of misinterpretations can cost you millions of dollars a year. Here are some of the costs in the business.
- Operational Costs
Such as losing contracts, bids, or negotiations due to the lack of foreign language skills. In a study published in 2022, it was even stated that “As many as 11% of respondents cited a lack of knowledge of foreign languages as one of the reasons for missed business opportunities, and at least 10 companies lost contracts worth over 1 million euros’’
- Cultural Impacts
Lowered Trust & Inclusion and even brand damage. Language is a way for brands to market themselves to their target audience, and with insufficient language skills, a cultural misunderstanding can easily break a brand’s reputation and image.
There is also the limitation of including foreign talent within the workforce. You might lose the next Da Vinci just because he is speaking Italian and your team only speaks English, or you might lose the investments of someone as important as Mark Mateschitz (co-founder of redbull) because you simply don’t speak German.
- Irreparable Costs
Reputation damages, starting off with the wrong foot, might cost your company its whole place in a certain market. While some companies can get by locally. Scaling and company expansion can be a challenge with a bad reputation on a global level.
Why “Cheap” Interpretation Will Destroy Your Bottom Line
When it comes to interpretation, picking the cheapest interpretation AI application in the market might not be the most affordable option, because the price you pay for fixing issues and rectifying irreparable mistakes is higher than any interpretation service you might choose.
We already mentioned the price a company would pay in case it lacks language skills and foreign language competence, but using other unreliable sources might double that price very quickly. Especially if it was used in a legal context, causing the company millions in fines and bans.
How Interpretation Pricing Actually Works
There are usually 3 main services offered by professional interpretation services to aid your business, which are Over-the-Phone Interpretation (OPI), Video Remote Interpreting (VRI), and in-person interpreters. Each has its own pricing model.
In-Person Interpreters
This option is often on the pricey side because there are a lot of expenses associated with an in-person interpreter, like flight and hotel expenses, and their different rates depending on their experience, etc.
Although we believe in the importance of this type of interpretation, the other remote models are often as efficient and accurate, but are way less costly without all added expenses.
At The Translation Gate we offer experts in Liaison Interpreting Services with over 260+ languages available to facilitate any of your company’s needs.
Over-the-Phone Interpretation (OPI) for Business
The pricing model for Over-the-phone Interpretation service can be calculated as a Per-minute billing, which is often preferred because you pay a fixed rate per interpretation minute, depending on the time your meeting, conference, or call took place. Moreover, it can be calculated as a monthly subscription, a fixed monthly fee for a set number of minutes. Lastly, it can be calculated as Prepaid blocks, which are bulk minute packages with volume discounts.
In The Translation Gate, we take pride in our Over-the-Phone Interpretation (OPI) services, with over 260+ languages offered, a 24/7 on-demand service, and guaranteed quality and accuracy.
Breaking Down Video Remote Interpreting (VRI) Pricing
If you don’t prefer your interpreter to be on the phone, there is an option that can fix this issue for you. Video Remote Interpretation can help you greatly, the best of both worlds, as you can see your interpreter, and the missed body language and unspoken communication can be easily viewed now, and it is not as pricey as in-person interpretation.
VRI can be calculated as a Per-minute pay (it would be higher than OPI), which is a fixed rate per minute, a Monthly platform access fee, which is a flat fee for unlimited or capped minutes, or lastly as Subscription tiers depending on experience.
Request a free quote for our VRI service Today
3 Proven Strategies to Secure Affordable Interpretation Services for Businesses
When it comes to choosing the best interpreting service for your brand, 4 strategies can help you choose.
Bundle & Commit to Volume Contracts
Simply put all the languages that are essential to your business and all the services you might need in one bundle with a trusted interpretation company. This is a great way to save money because usually you will be able to negotiate a better deal instead of using several companies for different services.
Search for a company that can fulfill all the translation and interpretation services your company might need. In The Translation Gate we offer a wide range of translation and interpretation services.
Leverage Nearshore & Remote Interpreter Hubs
Use an interpretation company that is in your area for traditional in-person interpretations so that you can avoid high flight and booking expenses.
Otherwise, utilise remote interpreter hubs and VRI services in case you need to see the person, not just on the phone service.
We have multiple locations around the globe, with branches in the USA, Canada, Australia, Albania, Malaysia, and the UAE. You will find our offices close to wherever you are.
Opt for Scheduled Calls Over On-Demand When Possible
Usually, the on-demand service would cost you more than the scheduled ones.
On demand requires an interpretation team on standby; idle readiness costs money, however, when you can schedule the service, it is going to cost you less, without sacrificing the quality of the service.
Frequently Asked Questions
How much do business interpretation services cost?
The price of the service depends on the service, language, and duration of the interpretation session
What is the cheapest way to get an interpreter for a meeting?
The cheapest way would be AI powered softwear, but again, it has high risks that can affect your business image, reputation, and financial stability in some legal cases.
Can I use Zoom’s built-in translation instead of hiring a service?
Yes, but with significant limitations. As this service won’t provide the same level of service as a human interpreter, with the cultural nuance and experience.
Conclusion
In short, going global with your business might seem a bit daunting at first and very costly, but if you hire the right interpretation company. You won’t have to worry about all the missed opportunities and lost deals. You have accessible, on-demand, accurate interpretation services, offering these high-quality services at affordable prices.
Book a consultation at The Translation Gate and find the best affordable interpreting service for your business.