How Renosafe works behind the scenes
Renosafe is a project record and payment workflow platform. We don’t hold your money. Funds are held and paid by our payments provider. Here’s who does what.
Who does what
| Responsibility | Renosafe | Our payments provider | Homeowner | Contractor |
|---|---|---|---|---|
| Holds project funds | No | Yes | — | — |
| Approves a milestone payment | No | No | Yes | No |
| Makes the payment | No | Yes | — | — |
| Keeps the project record | Yes | — | Can view | Can view |
| Decides disputes | No | No | By agreement | By agreement |
Where project funds sit
When a homeowner funds a milestone, the money is paid to our payments provider, not to Renosafe. Our payments provider holds an Australian Financial Services Licence. Renosafe cannot withdraw funds or send them anywhere other than the project’s verified contractor, or back to the homeowner.
Milestone payments are made only when the homeowner approves the milestone in the app. The 5% retention is released at the end of the defects liability period unless a defect has been logged, as agreed in the project terms.
Identity checks
Every contractor and homeowner has their identity verified before they can fund or receive a payment. For businesses we also check the ABN, company details and who owns or controls the business. We do this to help keep the platform free of fraud and to meet our legal obligations.
The project record
Quotes, milestone approvals, evidence, variations and payments are recorded with a date and time and the user who took each action. Records are kept for seven years. Records can’t be edited once they’re locked; any change is added as a new entry.
Protecting your data
- Platform data is hosted in Australia.
- Data is encrypted in transit and at rest.
- Two-factor authentication for all accounts.
- Card payments are not accepted. Funding is by bank transfer or PayID only.
- We never ask for your bank login, and we’ll never ask you to change bank details by email or phone. If someone does, contact us before you act.
Scams
Payment redirection scams are common in building. Renosafe will never email or text you new bank details. Contractor bank details can only be changed inside the app after re-verification. To learn more, see Scamwatch (scamwatch.gov.au).
If something goes wrong
Contact us first (see Contact). If you’re not satisfied, our Complaints page explains the next steps. External dispute resolution details will be added once our licensing arrangements are finalised.