Take control and customize your rates using Flex Rates Self-Service features! This guide will show you how to add, edit, and view your rates all within the SpotHero Control Panel.
Manage Transient Rates with Flex Rates
Step 1: Log in to the SpotHero Control Panel and select a facility from the sidebar | Step 2: Select the Transient Rates page within the Rates & Inventory drop-down menu in the top bar. | Step 3: Click Edit in the banner at the top of the page. |
Edit Daily Rate Bands
In this section, you have the ability to edit existing daily rate bands by clicking directly on a rate within the table. You can also add new ones by clicking “Add Daily Rate Band” and filling in the rate parameters.
Below are parameters to keep in mind when adding or editing daily rates:
A 24 hour rate is required for each day of the week.
Rates must be greater than or equal to $0 and cannot exceed $250.
Higher rates are required for longer durations.
This means that a daily rate must always be greater than or equal to any rates set for shorter rate bands within the same day. For example, a 12 hr rate on Monday must always be greater than or equal to a 1 hr rate on Monday.
This also means that a daily rate must always be less than or equal to any rates set for longer rate bands within the same day. For example, a 3 hr rate on Wednesday must always be less than or equal to a 6 hr rate on Wednesday.
Edit Special Rate Bands (optional)
In this section, you have the ability to edit existing special rate bands by clicking directly on any cell within the table.You can also add new ones by clicking “Add Special Rate Band” and filling in the rate parameters.
Below are parameters to keep in mind when adding or editing special rates:
Adding an “Exit Before” time restriction will require drivers to leave your facility before the specified time in order to qualify for the special rate.
The “Exit Before” time must fall after the earliest rental start time set for the special rate.
For example, if your rental start times are between 5 am - 11 am, your “Exit Before” time must fall after 5 am.
The “Exit Before” time must fall before the latest qualifying exit time for the special rate, which is determined by the latest rental start time and longest duration you set.
For example, say you set rental start times between 5am - 11am, rental durations between 0 hrs-5 hrs, and no “Exit Before” time. In this case, a driver who enters your facility by 11am, stays for 5 hours, and leaves by 4 pm would qualify for the special rate. However, if you want to add a unique restriction that requires drivers to leave your facility earlier in order to qualify for the special rate, then your “Exit Before” time must fall before 4 pm.
The times you select under “Rental Starts Between” will determine the time frame between which a driver must enter your facility in order to qualify for the special rate.
For example, say you input rental start times between 7am - 9pm. All drivers that enter your facility at 7am or anytime up until the minute before 9pm may be eligible for the special rate.
The time periods you select under “Parking Duration Between” will determine the minimum and maximum lengths of time a driver can park at your facility in order to qualify for the special rate.
Facilities on Optimized or Fixed rate logic must set both a minimum and maximum rate.
To create a flat rate, set the same minimum and maximum rate.
To create a rate range, set a maximum rate that is greater than the minimum rate. In this case, the exact rate within the special rate range that a driver will be charged will not only depend on the rental start time and duration, but also on your rate logic. Check out the Flex Rates Table below to see which rates will be available at your facility.
Special rate bands must apply to at least one day of the week.
You cannot have two or more special rate bands with overlapping time frames. When adding or editing a special rate band, make sure that the rental start times and/or days of the week do not overlap with any existing special rates.
Preview and Save Rate Changes
Step 1: After editing your rate inputs, scroll down to the Flex Rate Table to preview your rate coverage before saving your changes. | Step 2: You can switch between rate logic options and preview the differences in rate coverage that each option produces, allowing you to select the one that best fits your facility's unique needs. Optimized rate logic is the recommended option as it has the best chance of maximizing your revenue. | Step 3: Remember to click Save Changes in the top right corner to apply the new rates to your facility and set them live on SpotHero.com. You may also click cancel to discard any changes. |
Export Data
If you’re looking to download a record of your new rates, after saving changes you can click Export Data and select the days of the week for which you would like to download CSVs of your Flex Rates Table. Also, if you have special rates that start or end half past the hour, you will be able to view these rates in your CSV since the downloaded version of your Flex Rates Table will have rental start times and durations displayed in 30 minute increments.
What is Rate Logic?
A key feature of Flex Rates is its ability to transform your rate inputs into full rate coverage with a pricing option for every type of parker so you can turn more vehicles and maximize your yield. The pricing options that Flex Rates provides for your facility depends not only on the daily and special rate bands you set, but also on the rate logic you select. Rate logic refers to the unique method used to determine an exact rate for any given rental start time and duration of stay between your existing rate bands.
Flex Rates offers three rate logic options so you can choose the one that best fits your facility’s unique needs. Optimized rate logic is the recommended option as it has the best chance of maximizing your revenue.
Optimized Rate Logic | Fixed Rate Logic | Basic Rate Logic |
Rates between your existing rate bands increase initially by larger increments, then gradually by smaller increments in order to improve your yield per spot while still charging drivers a fair price for the number of hours they park. | Rates between your existing rate bands increase by equal increments so that drivers are paying for the exact number of hours they park. | No rates are added between your inputs, which means that only the rates you set will be available at your facility and drivers will be bumped to your nearest existing rate band. |
Please note, pricing options determined by optimized and fixed rate logic will be rounded to the nearest $0.25.
Example:
A facility has the following daily rate bands:
1 hr = $1
12 hr = $12
24 hr = $24
| What is this facility’s 3 hr rate? | What is this facility’s 8 hr rate? | What is this facility’s 18 hr rate? |
Using Optimized Rate Logic | $6 | $10 | $22 |
Using Fixed Rate Logic | $3 | $8 | $18 |
Using Basic Rate Logic | $12 | $12 | $24 |
Flex Rates Table using Optimized Rate Logic:
Flex Rates Table using Fixed Rate Logic:
Flex Rates Table using Basic Rate Logic:
Questions?
Contact your SpotHero Rep or sellersupport@spothero.com