Oilfield Consulting Firm Transparency : Take Rate vs Billing Rate
We often find that contractors and consultants are NOT fully aware of the ‘take rate’ that they are being charged by their oilfield consulting firm, nor the benefits (if any) they are receiving in return. While there are plenty of reputable oilfield consulting firms, there are also many questionable ones. These non-transparent firms have created an environment where hard working people are consistently taken advantage of. An informed contractor is the best contractor. So, whether or not Workrise is the best option for you right now, make sure you are asking the right questions, and making an informed decision.
What is my Take Rate?
We define ‘take rate’ as the difference between how much an oilfield consulting firm invoices to their client (gross billable rate), and the amount the firm pays the contractor (net pay). Very simply, if a consultant’s gross billable rate is $1,000 per day, and the consultant takes home $900, then the 'take rate' is 10%.
Workrise offers the lowest take rates in the industry, on average 10% lower than competition. You will take home an extra $30,000 per year
What is my Billing Rate?
Discovering your billable rate should be as easy as asking your oilfield consulting firm. However, Workrise has learned it’s not always as simple as that. And without your billable rate, it can be difficult to calculate what you’re actually being charged. Workrise has come across multiple cases of firms lying to consultants about their billable rate, making the consultant believe they had a lower take rate than they were actually receiving. In one such case, we found a consultant that believed he was at 5% for almost a year before discovering a firm had actually been pocketing 17%.
The best way to actually confirm your billable rate is to see a signed invoice from the client. It shouldn’t be a tough ask, but as you can imagine, sometimes firms don’t want to provide this.
At Workrise, we are happy to offer billable rate verification at any time. What we bill and what you receive is 100% transparent. As an independent business owner, this is your right.
Workrise, formerly RigUp, empowers the men and women of oil and gas, leveraging software to provide the best experience in the industry. Workrise gives service providers exactly what they deserve. The lowest rates, the guaranteed fastest pay, best in class insurance and benefit options, easy to use mobile and desktop app, and the friendliest 24/7 support team in the world. With a customer satisfaction score 55% above the industry average, having RigUp as an oilfield consulting firm option sells itself to contractors. To learn more about RigUp's consulting program visit workrise.com/findwork.