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- ComfyWorkers is a UK-based company with a unique approach to serviced accommodation for the construction industry
- CCO Simon Billsberry sought a trade credit solution to help alleviate customers’ cash flow issues
- Since deploying Hokodo, ComfyWorkers have signed some of their biggest customers and doubled their repeat bookings
Meet ComfyWorkers
Founded in Bedford, England, ComfyWorkers is an online platform providing business accommodation for the construction industry. Replacing dreary hotel rooms with over 40,000 hosted properties, ComfyWorkers’ purpose-built marketplace takes a pioneering approach to a niche problem.
We sat down with Simon Billsberry, Chief Commercial Officer, to find out how they removed the discomfort from payment terms.
Accommodating for customer needs
Typically, construction companies expect to be able to defer payment for materials and equipment, but when it comes to corporate accommodation, trade credit options are few and far between.
“We asked ourselves ‘Is there anything that we could do for our customers to help them with that problem?’ The answer was offering trade credit ourselves,” Simon explains.
And while ComfyWorkers was not losing business due to lack of payment terms, it was not unusual for customers to ask if credit was available. B2C-facing accommodation marketplaces like Airbnb are not set up to deal with the payment idiosyncrasies of B2B, and customers were seeking a platform that met their unique needs.
“We saw payment terms as an opportunity to expand a service and bring a real benefit to the customer.”
“Love at first sight” (professionally speaking, of course)
With 20+ years as an entrepreneur in the B2B space, Simon was no stranger to the idea of deferred payments. But until now, he had only worked with offline credit solutions from traditional providers. For a rapidly growing and tech-first start-up, the cumbersome offerings of banks and other legacy players were no good.
It wasn’t until after a few disappointing interactions with some of our competitors that ComfyWorkers discovered Hokodo.
“As soon as we made contact, it was ‘love at first sight’ – or at least the business version of that!”
Oh, stop it, Simon. You’ll make us blush.
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Build it and they will come
Since going live with Hokodo’s payment terms, ComfyWorkers has noted a surge in customer loyalty and repeat orders. Customers who choose to pay later with Hokodo have a repeat order rate that is twice that of those who choose to pay up front, and the customer value of those choosing to pay with Hokodo is around 50% greater.
Payment terms have also enabled ComfyWorkers to sign several large new accounts.
“We have a handful of large customers who have said that, if we didn't have the payment terms part of our offering, they wouldn't be able to work with us.”
Shared mindset = shared success
For Simon, it’s the entrepreneurial culture and agile mindset shared by ComfyWorkers and Hokodo which really makes this partnership a lasting success.
“What we benefit from is having a partner that is like us and good to work with and has evolved with us. There are not many times where I feel like I can fully endorse a company, but I'm really impressed with Hokodo. Maybe it's because of the scars I carry from the old versions of invoice financing, but it's really refreshing!”
So, what comes next?
ComfyWorkers are currently rolling out Hokodo’s trade accounts solution, which will make it even easier for construction businesses to book their accommodation. Meanwhile, the sales team is undergoing tailored training with Hokodo to better understand and communicate the payment terms offering.
“We're now at the stage where we feel very comfortable with the partnership. We have a bunch of customers that use it constantly and consistently. Now we just want to scale that and offer it to as many of our customers as possible.”
Want to find out how Hokodo could help you remove the discomfort from payment terms? Book a call today for a no-pressure chat with one of our payments experts.
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