What is Pegno?
Pegno is a milestone-based payment escrow platform for service transactions. It holds funds securely until agreed milestones are completed, protecting both the client paying for a service and the provider delivering it.
How does escrow work?
When a deal is created, the client deposits the agreed amount into a safeguarded escrow account. The money is held securely and only released to the provider when each milestone is marked complete and approved. Neither party can access the funds until the conditions are met.
Is Pegno regulated?
Pegno UK Ltd has applied to be registered with the Financial Conduct Authority (FCA) as a Small Payment Institution (FRN: 1056758) under the Payment Services Regulations 2017. Our application is currently in progress with a named case officer. Client funds are held in safeguarded accounts separate from Pegno's own funds.
Is my money safe?
Yes. All client funds are held in designated safeguarding accounts at authorised credit institutions, separate from Pegno's own money. This means your escrow funds are protected under the Payment Services Regulations 2017 and are not at risk if Pegno ceases to trade.
How much does Pegno cost?
Pegno charges a 2.5% platform fee on completed transactions. This fee is deducted at the time of payment release. There is no charge to create an account or create a deal. Fees are shown clearly before you fund a deal.
Who can use Pegno?
Pegno is designed for any service transaction — tradies, plumbers, electricians, builders, cleaners, removalists, mechanics, landscapers, and any professional service provider. Clients hiring any of these providers can also use Pegno to pay safely.
How do I create a deal?
Download the Pegno app, sign up for free, and tap 'Create a Deal'. Add the job title, total amount, and milestones. Share the deal link or QR code with your client. They fund it and you begin work.
What happens if there's a dispute?
Pegno has a three-tier dispute resolution process. First, both parties attempt to resolve directly. If unresolved, Pegno reviews the dispute and makes a determination. For regulated complaints, our IDR (Internal Dispute Resolution) process applies and you can escalate to the relevant financial ombudsman.
How do I delete my account?
Go to Account Settings in the app, scroll to the Danger Zone section, and select Delete Account. You will be asked to type DELETE to confirm. Note that accounts with active deals cannot be deleted until those deals are resolved.
Which countries does Pegno support?
Pegno currently operates in Australia and the United Kingdom, with the United States and Singapore coming soon. The region is set per transaction and Pegno routes to the appropriate payment rails for each jurisdiction.
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