I used Ebook Launch to format my first book, a novella entitled His or Her Betrayal for both ebook and print, and I was happy with my results. They are very professional and get the work done in the amount of time that they tell you. I just submitted my second book Love, Lies and Heartbreak, which is a collection of short-stories for them to format for print and ebook as well. I'm sure I won't be disappointed in their work. They are my permanent source for formatting my books. Thanks so much for your great work guys!!

Anyone wishing to pay someone 500 bucks to read their book just so they can be given a short and unhelpful overview is arguably getting what they paid for. Naturally, self publishers and the like can’t really justify the amount they’d have to spend on a real editor of story structure, but it still baffles me that these so called developmental editors exist. That is, unless they have a follow up service after the fact that is actually worth it.

Freelance editors normally do not double as literary agents. Not only is it not our area of expertise, but it can actually lead to ethical quandaries. There have, unfortunately, been cases of literary agents saying that potential clients’ work “has potential” but needs to be edited (by them or their employee), for an exorbidant fee. It would also be possible for editors to give the impression that they are guaranteeing publication of a project, when that is something no one but a publisher can do. Many professional organizations forbid their members to combine these two roles, to avoid a possible conflict of interest.

A good editor is invaluable when starting out. Later on it perhaps depends on how complex the story or writing is. Editors can be looking for similarity not originality. The final script a poor representation of the original story or article. An article of mine, which was picked up by Wikipedia for its originality and informative ideas was given forty edits from around the world! It was like a mechanical invention rather than an interesting article in the end!
If a book has an editor, you will be able to find their information in the opening pages of a book before the table of contents or first chapter. This information is often on the copyright information page, although the editor’s name may be listed in the acknowledgements or on the title page instead. If a book has no press or an editor is uncredited, you may need to do some research or contact the author to get editorial information. To contact an editor, contact their publishing company or use their personal or professional website to reach out to them. Remember to always be cordial if you’re planning on a getting a letter or phone call back!

Even if you wrote the book in your free time, this is my day job. The per-project cost many new authors would consider “manageable” would, if broken into an hourly rate, end up paying editors less than minimum wage. They don’t intend to pay what someone could earn making french fries; they just greatly underestimate how much time must be invested in editing.

I hope this helps! Please don’t be discouraged by editor’s rates. Many of them do this full time or to supplement their other income with their business. The quality of service is not necessarily tied to project cost, but hiring anyone who is a contractor or freelancer often means you’re getting one-on-one personalized attention you might not get if you worked with, say, just the editor of a publisher who could see your book as a quota to fill. Just my two cents!

Although many writers talk about having friends, family, and old college professors help them edit their work, that’s really not the ideal way to go about the editing process for a book or short story that you plan to publish. A professional editor with years of experience and training in your market or genre can provide valuable feedback and advice that goes far beyond simply correcting spelling errors, typos, grammatical errors and usage errors.

Qat Wanders is an author, editor, speaker, and writing coach. She has edited more than 4,000 books and ghostwritten over 100, including New York Times and Wall Street Journal bestsellers. After receiving a Master’s degree in English Literature with an emphasis in Creative Writing as well as a Certified Professional Editor certificate, Qat created the Wandering Wordsmith Academy where she trains authors and editors in an online platform. When she’s not busy speaking, writing, or wandering, Qat loves spending time with her daughter, Ora—a published author at ten years of age—and helping others realize their dreams of sharing their messages with the world. To find out more about Qat, her writings, her programs, and her services, please visit WanderingWordsMedia.com.
Another online editing service is Scribendi, which has over 300 experienced and educated editors. They've been around a long time. With this service, you decide how fast you want the book edited and how extensive the edit should be, then they match you with an editor. You don't ever actually meet the editor, but rather work through their customer service team. Their prices depend on your requested turnaround time and word count. You can get a free quote here.
Regarding your last question, I know of no editor who gives a money-back guarantee for occasional errors that happen to slip through or for a different opinion by a later editor. I’m afraid such things are just the nature of the publishing beast. But by having a shorter portion edited first, you will get a decent feel for whether someone is the right editor for you, and will be able to be confident in his or her work on your entire book.