TranscribeMe: Amazing earning opportunity or a scam?

TranscribeMe_ Amazing earning opportunity or a scam?

With increasing business complexities in the global market, the need for a transcriptionist is not limited to medical and legal fields. Now, the demand for a transcriptionist is required in almost every field from the financial institutions, banks, media houses to government offices as well as big corporate brands. 

The interviews, business conference records, minutes of the meetings, academic lectures, legal depositions, medical seminars, and interviews everyone wants it in transcript form. So, instead of wasting man-hours within the organization for the said task nowadays corporates are looking forward to the professional transcriptionist. They need an accurate conversion of the audio and video to text conversation.

This opportunity is being converted into an online earning work-from-home opportunity by TranscribeMe. If you are reading this review, then we believe that you are thinking of working as a transcriptionist.  In this review, we have explored TranscribeMe in-depth to figure out how a legit and viable option it is for you. Take some time to go through every aspect of the review as we have aimed to keep it as unbiased as possible. 

What is TranscribeMe?  

TranscribeMe is a transcription crowd-sourcing website that takes audio and video files from various business houses and brands and pays people to listen to those files to convert it into written transcripts. 

There are arrays of big brands as clientele of TranscribeMe. (Fig 1) 

(Fig. 1)

These companies have regular demands of professional transcriptionists. This is a big opportunity for those who are looking forward to making some extra income working as transcriptionists with TranscribeMe.

How Does TranscribeMe present itself?

TanscribeMe Website: The TanscribeMe website is simple and easy to navigate. When you visit the site, you’ll be greeted, you’ll be greeted with an enticing offer:  

The ‘Get Started’ button will redirect you to the Sign-Up page and ‘Learn More’ will redirect you to TranscribeMe service packages. The company purchases and manages transcripts via a simple and intuitive portal. Transcribe is great for getting transcriptions for various industries such as Technology, Medical, Education, Market research, Closed Captioning, Legal, Entertainment, and Consulting transcriptions. 

TranscribeMe Services: TranscribeMe offers three different services including transcriptions, speed recognition, and Translation. You can choose any of these services depending on your needs. 

TranscribeMe Mobile App: You can access TranscribeMe from anywhere in the world with the help of the TranscribeMe mobile app. The app offers high-end privacy with a secure, micro-tasked transcription workflow.  This app is available for both Android as well as iOS users. The app is built keeping customers’ needs in mind. You can easily record and convert audio into transcribed text in-app. Moreover, you can easily download your original recordings from the TranscribeMe app to your desktop. 

TranscribeMe Social Media: The company is active on major social media channels – Facebook, Twitter, and LinkedIn. They’re quite active on social media and encourage their users to connect with them via social media profiles to get information about upcoming offers, upcoming events, and surveys. 

TranscribeMe Support: TranscribeMe has its knowledge base where you can get the answer to your queries. Their extensive knowledge base and FAQs section are based on real-life inquiries they received in more than 10 years of experience. However, if you still have queries regarding sales, you can reach customer support at  https://www.transcribeme.com/support/#tab-03. For general queries, you can contact them at +1-800-275-5513 or visit here https://www.transcribeme.com/contact-us/. You can opt for live chat feature available on their website. 

TranscribeMe Training Support: They’ve maintained a FAQ section for training support too. If you still have any queries, you can always reach out to them at training@transcribeme.com or fill the contact form at https://www.transcribeme.com/transcription-jobs#faq

What is known about the history and credentials of TranscribeMe?

We understand your need for in-depth information about the company and its credentials before you decide to work with it, especially when you are working through online projects. For your ease, we have collected information from various sources, so to help you out to decide better. 

We found that TranscribeMe was founded in September 2011 by Alexei Dunayev and Greg Feerer.

Alexei Dunayev is the CEO and co-founder, who is considered reputed for creating winning technology business. He is a Fulbright Scholar and Standford GSB, MBA graduate with the recipient of the World Excellence Award.  

Greg Feerer is the Chief Financial Officer (CFO) and co-founder who brought start-up expertise to the company. Before joining TranscribeMe, he raised financing for Greenlight Energy, a clean technology start-up that he co-founded.  He is a graduate of USF and Golden Gate University with a Master of Finance degree. 

The company has over 50 employees along with a network of thousands of professional transcriptionists who are work in proprietory workforce management platforms with 99 to 100% accurate quality test.

The headquarters of TranscribeMe. Inc is located :

#1111 Broadway Suite 300, Oakland California, 94607

Contact no.: (800) 275-5513

Email ID: info@transcribeme.com

In this short span of 8 years, TranscribeMe has made a name for itself in the transcription business. It has received awards, scholarships, and recognitions like  

– Auckland Startup Weekend September 2011 

– Microsoft Bizspark Startup

– Asia Pacific(APAC) region scholarship, which is sponsored by Microsoft Bizspark startup weekend and Founders’ Institute

– Sole New Zealand company to present at inaugural DEMO Asia 2012 in Singapore.

All we can say that the company has a strong management team. The company operates worldwide and pays its freelance transcriptionists through PayPal.

How Do TranscribeMe works?

TranscribeMe uses a crowdsourcing system and follows the process: 

  • The clients submit their audio files. 
  • The file is split, depending on size between 10 seconds and 1 minute.
  • The trimmed sections or chunks are then made available on the WorkHub to get transcribed by transcriptionists like you!
  • Once all the chunks get transcribed, they are merged and pass through to the Quality Assurance stage.
  • The QA  team adds appropriate timestamps and speaker IDs to the file. 
  • In the last step, the file goes through the final review and is shared with the client. 

Payment

The payments are generally done through PayPal account but in some countries, AliPay is also used wherever applicable. The minimum payout is $20. 

The company may change the payment rates from time-to-time depending upon particular audio or video, so you need to keep a record of it personally to avoid any payment dispute with the company. 

Account Suspension

The company may temporarily or permanently suspend or terminate your access to the TranscribeMe service without any notice or liability to TranscribeMe, for any reason or no reason. However, you’ll still be bound by the terms of this Agreement which by their nature should survive termination, including without limitation ownership provisions, indemnity, warranty disclaimers, and limitations of liability.

What do you obtain with TranscribeMe?

Services:

  • Transcription:
  • Speech Recognition
  • Translation
  • Mobile App.

Income Potential

It is not like you can make a full-time career out of it, however, regular transcriptionists can on average earn $250 monthly. TrascribeMe gives $15 to $22 per audio hour and depending upon the quantity of work you do, you can have a top monthly earning up to $2,200 too. Those transcriptionists who have a specialized background in medical and legal are paid a higher rate than a regular transcriptionist.

So, if you are thinking to invest in an average of 2.5 hours per day and work for 24 days a month, you can make approx. $1500 per month with TranscribeMe, which is kind of a decent earning opportunity

You need to take care of all tax-related functions as applicable by law of the land, for all income that you make through TranscribeMe. 

How to get started with TranscribeMe?

To start earning money as a Transcriptionist, you need to sign-up with TranscribeMe. Fill in the information including First Name, Last Name, Email Id, Password, Payment account, and more. However, you need to use Google Chrome as your browser to Sign Up to the TranscribeMe platform.

What is required?

  1. You need to be a minimum of 18 years in age to join TranscribeMe.
  2. You need to clear the entrance exam of TranscribeMe for the English language.
  3. You need to verify your email ID.
  4. You must have a computer or a laptop along with a headphone and a steady internet connection to work.
  5. You must have a PayPal account which is linked to TranscribeMe account for receiving payments.
  6. You need to assure the company that you will not share any audio, video, content text, and information in connection with client orders with anyone.
  7. The company expects high-quality work from you. The level of quality must be 98%  minimum with 2 counts of errors per 100 words of output including spelling and grammar errors. 

Is TranscribeMe legit or Scam?

As per our observation, we can say that TranscribeMe is legit. It offers you an opportunity to earn some extra money, as long as you’re able to transcribe one hour worth of audio file. 

You receive money in your TranscribeMe account and you can withdraw it at the end of the week through your PayPal account. 

Pros:

  1. TranscribeMe has highly qualified and educated management and has won awards globally. This makes the company trustworthy.
  2. The company has more than 100 branded clientele like  ORACLE, Harvard University, CISCO, Deloitte, Facebook, etc. In a way, you get a chance to associate with them by working on transcript projects from these brands.
  3. You can work with TranscribeMe from anywhere across the world. All you need is a PayPal account.
  4. You can work from any place of your comfort and at any time, as the company functions round-the-clock. 
  5. You are free to choose the amount of work you want to do in a month. So, how much you earn in a month depends totally on you. 
  6. The length of the transcript file is 1 – 2 minutes. So, it is easy for beginners to transcribe too.
  7. The payment is made through PayPal. So, you don’t have to worry about sharing your bank details with the company.
  8. The joining in TranscribeMe is free. No fees and no hidden charges. 
  9. The application process and exam of TranscribeMe are simple as compared to its other competitors.

Cons:

  1. The skill of transcribing takes time to learn. If you are a fast learner you can go ahead but in general, it requires a lot of effort perfecting it.
  2. TranscribeMe can reject your work with or without pay at their discretion if the quality standard of 98% is not met. So need high concentration to transcribe work or else you can lose hours’ worth of work.
  3. PayPal is the only payment option for people in the majority of countries. Other modes of payments are not ventured by the company yet.
  4. The income potential is better than other transcription companies but it does not mean you can leave your full-time job and survive solely through its income.
  5. In case you fail a test, you have to wait 6 months to reapply. 

What is the final verdict?

Yes, we recommend TranscribeMe, if your goal is to earn some extra income and supplement your main source. TranscribeMe laude flexible working hours. This means you can work as much or as little as you want, of course – you can set your hours to work. However, you’d not expect guaranteed work. This platform works based on ‘First Come First Some’ and there are chances there may not be any work when you sign in to your account.   

Not everyone can do transcription work. If you want to be a transcriptionist, you need to pass the TranscribeMe exam to get eligible for the work.  

You’ll be tested on TranscribeMe-specific style questions as well as your command of English grammar and punctuation. 

Whereas the payment is concerned, the money will be sent to your TranscribeMe account and at the end of the week, you can withdraw it from your PayPal account. The minimum threshold for withdrawing money is $20. 

 

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