Three Ways LSPs can Improve Payments for Global Translators
Thanks to language service providers (LSPs), the world is shrinking. LSPs help to improve the communication abilities of travel brands, governments, NGOs and news media, connecting businesses to far-off and untapped markets through localization services.
However, like many global workers in the digital economy, linguists often face challenges when receiving payment for a job well done. From currency exchange fees, to late or lost funds, the payment experience can leave much to be desired. This is particularly true for individuals based in emerging markets, which today make up seven of the top 10 earning countries for freelancer payments.
For those employing LSPs, these payment inefficiencies often lead to missed recruitment opportunities for hiring global linguists and translators. Consider this common scenario: a North American-based LSP needs to hire several Bengali translators in Bangladesh with a regional dialect specialty. After carefully selecting the candidates, the challenge of payment emerges. In Bangladesh, checks and wire transfers can take 5-12 days to be received. Prepaid card options can cost the recipient approximately ten percent in fees and take almost two weeks to receive by mail. eWallets like Paypal are not available in Bangladesh. If you can’t get payments to these specialized linguists, then hiring them makes no sense.
As we see it at Transpay, there are three ways an LSP can improve the payment experience and, as a result, continue recruiting top talent:
- Consider bank deposits for added convenience: Bank deposits are universally available payment method that can help to boost financial inclusion and viability for individuals around the world, particularly in developing nations. By supplying recurring bank deposits, translators can build credit and savings for their future.
- Pay in local currency: Hand-in-hand with bank deposits are local currency payments. Whichever payment method is chosen, converting payments to the currency of the translator/linguist removes the added exchange fee and can be what separates an LSP from its competition in the eyes of the translator.
- Focus on delivery speed: Cutting a check is no longer enough for payments. Like any recipient, translators want to receive their payments in a timely manner and mailed checks and wire transfers are increasingly falling out of favor.
Translators want to receive more of what they earned from their hard work, and LSPs can play a direct role in ensuring that they do just that. As the world becomes more digital and interconnected, being able to deliver international payments at the speed of business well help to set LSPs apart and ensure top talent acquisition.