On the Smart package, Hemlane provides accounting services to manage and initiate payments to service professionals through a service called Premium Billing.
Premium Billing is not required on the Smart package but offers a more convenient and hands off approach to maintenance. When working with service professionals, Premium Billing is:
- optional if we are coordinating with your service professionals
- required if we are coordinating with our third party network
To quickly navigate to specific sections of the article, please click below:
- Is there a fee associated with it?
- How does Premium Billing work?
- Why do I have to opt into Premium Billing to use your third party network?
- What is included in the Smart package alone?
- Do I have to pay 5% for the sourcing and 5% of the invoice?
- Can I add my service professionals and only pay the 5% if you have to dispatch from your third party network?
- How do I select my preferred service professionals?
- What are the benefits of adding Premium Billing?
- Does Hemlane provide my credit card number to service professionals?
- Are there any limitations or exclusions to payments?
- How can you make sure I’m not overcharged?
Is there a fee associated with it?
The service has a nominal fee of 5% to help with maintenance sourcing, invoicing, payment, and accounting services. On average, Premium Billings adds $2 per month per unit based on the average number of requests and invoices for properties on the Smart package. You will obviously see this amount higher if you have more maintenance requests than a typical rental property. This 5% covers:
- sourcing new service professionals
- providing one-time use credit cards for payment
- invoice and payment management
- recording payments on your financials tab
Note: Due to COVID19 and the current state of the country, Hemlane is paying these fees out of pocket and is not charging the 5% fee. At this time, we don’t want to add any undue stress on our customers. We will send out a notice to advise before we start charging the fee.
How does Premium Billing work?
Here is a step-by-step process:
- The coordinator receives an estimate on the work to be performed.
- The coordinator confirms the amount is both reasonable and below threshold.
- The coordinator creates a one-time use credit card, up to this approved estimate, which links back to your account. This is a safe and secure way to make sure your credit card and/or bank account are not compromised.
- The service pro is required to call the coordinator for any additional approval.
- The coordinator works through all invoicing, payment, and accounting in Hemlane.
Throughout the process, the owner and/or manager receives updates on the estimates and invoices to provide transparency with a more hands-off experience.
Why do I have to opt into Premium Billing to use your third party network?
We received many requests from our third party network for Hemlane to manage payments. They felt too many people were involved (the coordinator, owners, managers, and tenants) and were more comfortable knowing Hemlane’s coordinator would be managing the entire process, including the credit card payment. Many companies now require a credit card on file prior to even scheduling with the tenant.
What is included in the Smart package alone?
- We will handle phone calls and online maintenance requests from your tenants, including after hour emergencies.
- We will troubleshoot with the tenant to avoid unnecessary charges to dispatch a service professional.
- If unable to resolve, we will dispatch your preferred service professional.
- We will take calls for approvals while service professionals are on site. If it is over your threshold, we will call you for approval.
- We will follow up with the tenant to confirm the job was successfully completed.
Do I have to pay 5% for the sourcing and 5% of the invoice?
No, there is just one 5% fee which is calculated against the total of the invoice.
Can I add my service professionals and only pay the 5% if you have to dispatch from your third party network?
Yes, please make note at the bottom of your Maintenance Instructions section to advise. Please keep in mind that your service professionals may need your credit card on file in advance, and you should call them to confirm their invoicing process.
How do I select my preferred service professionals?
Step 1: Select the Properties tab on the left side main menu
Step 2: Filter for the property at the top of the page
Step 3: Select the Maintenance Info section from the left side quick links menu
Step 4: Scroll down to the “Preferred Service Professionals” section
Step 5: Add in your preferred service professional by selecting the [+] button to the right of the maintenance category
Step 5: You can then select from “My List” (service pros added to the Your Team tab) or select to use our Third Party Network
Step 6: You can also drag and drop the service pro boxes to select your order of preferred service pros for us to coordinate with. For example, the service pro closest to the left would be your preferred option to schedule with.
What are the benefits of adding Premium Billing?
Your interests are always aligned with our interests, and here are the reasons why the majority of our Smart customers asked for Premium Billing:
- Faster assignment of service professionals -- Most plumbers, electricians, and other service pros want a credit card on file prior to scheduling work. As an owner or manager, it can be disruptive to receive a call for authorization. Since you have already provided maintenance thresholds, it is faster for Hemlane's team to authorize during scheduling.
- Security around all payments -- Our team never provides your bank account or credit card information to service professionals. We use one-time use credit cards with limits. This process makes sure your information is protected!
- Eliminating snail mail -- Checks can get lost in the mail or provide hesitation from a service pro on when they will receive it. You can count on Hemlane's team to help make sure the service pro receives payment in a timely manner.
- Providing a more hands-off experience -- By not requiring you to directly interact with the service pros on administrative items, you can become much more passive with your real estate. This allows you to focus on more important things, such as purchasing your next rental.
- Better accounting -- For tax season, your accountant will love you when you have all invoices and maintenance payments recorded in Hemlane.
Does Hemlane provide my credit card number to service professionals?
Hemlane uses a credit card to pay service professionals, but it is not your credit card. Since most credit card authorization is done over the phone (not a secure online system), there is too much security risk associated with holding and providing your credit card details to third parties. The only way for us to guarantee your credit card details are not compromised is to provide a one-time use credit card to service pros. This one-time use card links to your bank account or credit card.
Are there any limitations or exclusions to payments?
Premium Billing only works with service professionals who accept credit cards. If your service professional does not accept a credit card, then you will need to find some other way to make the payment.
How can you make sure I’m not overcharged?
The maintenance coordinator will review prices and estimates to make sure they are within reason. We can also provide a second estimate in certain situations, and you can read more here.