How payment works
Two structures, both written down before you sign. One pays us weekly against work already finished. The other holds your money with a third party and releases it stage by stage. Neither is a surprise you meet after contracts.
Our standard schedule, or Renopay if you would rather. Either way it is settled before you sign.
The schedule in a 2VP contract unless you ask for something else: 10% to mobilise, then weekly against work already done — with 5% held past handover: 2.5% released at practical completion and 2.5% at the end of the 12-month defects period.
Available on any project, arranged before contracts. Renopay's structure is set out below in their own words: the stages and the price of each are agreed with you first, and the money is held by a third party rather than by us.
These are different structures, not two descriptions of one. The first is what a 2VP contract uses; Renopay is there if you would rather your money sat with someone other than your builder until each stage is done. Tell us which you want before contracts and it is written into yours. Renopay handles how you pay; it does not inspect the work, and it does not change what we owe you under the contract.
Pay for your project stage by stage
We take payments through Renopay, milestone-based payment protection for home renovations. Your project is split into stages. Your money is held securely and released to us only when each stage is finished and signed off.
How it works
We set up your project. We agree the stages and the price of each one with you, then send you an invite to Renopay by email.
You pay into Renopay, not to us. Pay for each stage before it starts, or for several at once if you prefer. The money is held securely. We can see it's there, so we can order materials and book the work.
Each stage is finished and signed off. You check the work. Once a stage is signed off, the money for it is released to us and the next stage begins.
What it means for you
You only pay for finished work. Money reaches us once a stage is signed off, not before.
Your deposit stays safe. It isn't paid to us. It's held securely until the work it covers is done.
You check the work first. Nothing is released until you've had the chance to check the work.
Everything in one place. Every stage, payment and sign-off is in your Renopay account, so you always know where things stand.
What it costs
Renopay charges you 1% of each stage, including VAT. It's added when you pay in. On a £10,000 stage, you pay £10,100.
That 1% is Renopay’s charge to you, and Renopay state it inclusive of VAT. It is the only inclusive-of-VAT figure on this page — every 2VP price we quote, here and in your estimate, is exclusive of VAT.
Paying through Renopay
- How do I sign up?
- We'll send you an invite by email. Click the link and create your account. If you can't see the email, check your spam folder.
- Who holds my money?
- Client funds are held by Online Payment Platform (OPP), an FCA-authorised electronic money institution. Renopay is a technology platform.
- Does Renopay check the work?
- No. Renopay handles how you pay. It works alongside your contract with us, not instead of it.
- Where can I find out more?
- Visit renopay.co.uk/homeowners.
Questions about the work come to us. Questions about the payments themselves go to Renopay at hello@renopay.co.uk. What we owe you is set by your contract with us — the way we run a project and the insurance and workmanship warranty behind it are unchanged either way.
Renopay is a technology platform. Client funds are held by Online Payment Platform (OPP), an FCA-authorised electronic money institution. Renopay covers how you pay and works alongside your contract with your builder.
Talk to us about your project