Stem mastering sits between mixing and mastering. At Pobla we do it with 4 stems and call it Kick & Bass Mastering. What it is, when it helps and how to prepare your files.
When a track reaches mastering as a single stereo file, everything is glued together. If the bass is masking the kick, it can be improved, but not pulled apart. That is what stem mastering is for.
Instead of one file, you send us the track as a few grouped stems. At Pobla we work with 4, and we call this service Kick & Bass Mastering:

With the kick and the bass on their own, we work on the low end separately: we tune the kick to the key of the track, harmonise the bass around it and make them work together. The rest of the track is mastered as usual. Your mix decisions stay as they are: it is mastering with more control over the low end, not a new mix.
If the mix already works, low end included, mastering is enough. If the problems are spread across many elements and not just the kick and the bass, mixing + mastering will serve you better.
Export 4 stems as 24-bit / 44.1 kHz WAV or AIFF: kick, sub/bass, drums and the rest of the elements. They should all start at the same point and have the same length. Keep the processing on each channel (EQ, compression, effects), leave the master bus clean and keep peaks below -3 dB. Send your premaster too, as a reference for how the track sounds as you left it. Sending and payment work just as with regular mastering: see Online mastering: how it works.
Stem mastering costs €50. Some recent releases where we did stem mastering: Most Precious Love, Tic Tac and After Dawn. Our other rates are on Pricing and how to send us your track is on Get started. If you are torn between mastering, stem mastering and mixing, we compare them in How much does it cost to mix and master a track?