Translators have little choice but to participate in the global market – but getting paid via the conventional banking system across different currency zones can be an expensive exercise.
Relative to the size of amounts typically paid to translators, international payments can be very expensive – there are fees to send money across currency zones, foreign exchange fees and bank receiving fees. The very process of making multiple payments in different currencies to translators can be frustrating and time-consuming.
The business relationship between freelancers and the translation companies they work for is not always easy to get right – ensuring that the payment system is working to everyone’s satisfaction is a minimum requirement. The fact that the two parties often live in different currency zones can give rise to some tricky problems.
In a potential David and Goliath contest, Translator Pay is willing to take on the big banks in order to get a better deal for translation industry players – freelancers and LSPs alike.
Translator Pay has been developed to tackle some of these problems.
- It helps language service providers (LSPs) make foreign currency payments to their freelancers at a fraction of the cost charged by banks and other money transfer systems.
- It has been designed to save time by automating much of the payment process. Once they have been entered into the system, multiple payments in different foreign currencies can all be made at the click of a button.
- Given that the cost of making foreign currency payments via Translator Pay is significantly less expensive than via the banks, it benefits both translators and the agencies they work for. When receiving their money, translators receive their money free of their local bank’s receiving fees.
Translator Pay has teamed up with Money Move IT Ltd, a registered financial services company  who are prepared to provide a better international payments system specifically tailored for our industry.
Who’s behind it?
We put together a small team with a good knowledge of the translation industry and the expertise and the technology to implement inexpensive international money transfer:
Paul has had more than 30 years in the translation industry – firstly as a translator for the New Zealand Government and then as owner and General Manager of NZTC International (now retired).
Neil is a Chartered Accountant and Managing Director of Money Move IT – the money transfer engine behind Translator Pay. Neil has had over 20 years experience in the IT industry, and was the founder and Managing Director of a successful software development company prior to Money Move IT.
Jessica has had a 20 year career in localisation which has spanned sales, sales management and marketing in the United States and Europe for leading enterprise, mid-tier and start-up language service providers focused on the IT, life sciences and legal sectors.
Blog articles on the background to Translator Pay
- Does the global banking system disadvantage translators? Can we fix it?
- The Banks vs. Translators: What do freelancers think about how they get paid?
- The headache and heartache of paying translators. How LSPs feel about cross-border payments.
- Paying translators – let’s stop tearing out our hair and just fix the system!
- Translator Pay: Will waving a magic wand be enough to make the pain of international payments disappear?
 Money Move IT Ltd (www.moneymoveit.com) is financial services company registered in the United Kingdom, Australia and New Zealand, and as such complies with the financial services authorities in each jurisdiction.