Category: Blog

Many Magento merchants get a massive shock when they sit in with their marketing teams and run through their Google Analytics. Figures presented may show very low average order values or few repeat customer purchases, creating headaches among the marketing department as to what strategies are working and what’s not. In many cases, the final and most critical consumer touchpoint – checkout – is being ignored. Whether business owners are aware of new checkout-based marketing tools or yet to discover the options available to them, point of sale consumer financing is proving to be a crucial component for boosting important Magento eCommerce metrics.

In this article, we will list five of these key eCommerce metrics and showcase how point of sale consumer financing from ChargeAfter can improve these results.

1. Cost of Acquiring New Customers

Acquiring new customers is a cornerstone of business success but it does not come cheaply. Every consumer touchpoint needs consideration and marketing teams for Magento merchants to place an extensive amount of time, resources, and advertising budget to promote brand awareness to new customers. That said, your cost of acquiring new customers can be significantly reduced by providing new shoppers with tools to make a purchase, such as consumer financing from ChargerAfter. This feature enables first-time shoppers to quickly and easily convert to paying customers through the provision of funds needed to buy what’s in their cart.

2. Cart Abandonment Rate

While many new customers may checkout and purchase their online cart full of goods, others are quickly driven away from your site when they see the total cost. Some consumers may not have the funds to order their goods and others may have found an alternative Magento merchant offering a better customer experience. Either way, cart abandonment rates can be minimized with consumer financing as it gives all customers access to personalizing funding options. These customers are then more inclined to pay for what they’ve added to their cart. 

3. Average Order Value

The benefit of facilitating orders in online shoppers’ carts through consumer financing is also in the fact that more customers are capable of purchasing large-ticket items. The ability to receive loan support on bigger orders means that Magento merchants using ChargeAfter’s multi-lender platform experience higher average order values. 

4. Conversion Rate

When it comes down to advertising spend, conversions are the critical eCommerce metric that justifies one’s extensive ad budgets. There is little point in spending hundreds of dollars on conversion ads that return zero or very little sales. But, it’s often difficult to determine where exactly the issue is that causes shoppers to flee from an online retailer. Or is it? In most cases, conversion rates are impacted at the checkout stage when customers decide, for one reason or the other, to abandon their carts. Magento merchants can boost their conversion rates, helping customers old and new make purchases, through offering ChargeAfter’s first-rate consumer financing options.

5. Repeat Customer Rate

While acquiring new customers is one part of the marketing funnel, retaining existing companies is another entirely and requires its own financial and time investment. Magento retailers need to adopt new techniques to promote customer retention, one such being the implementation of exceptional consumer financing solutions. Through the integration of ChargeAfter’s multi-lender platform, merchants can experience the benefit of a streamlined checkout process that encourages their consumers to make more purchases. This platform takes the hassle out of online shopping for the customer as well as frees up time for your marketing team to focus on customer retention strategies such as email campaigns.

There is no end to the benefits of introducing a powerful consumer financing platform into your online store, and Magento retailers can experience increased new customer acquisition, lower cart abandonment rates, larger average order values, higher conversion rates, and greater customer retention with ChargeAfter’s solution.

Customer retention is imperative for online retailers as tapping into new audiences can become more costly than serving your current market when taking into account digital marketing and advertising budgets, among other avenues to reach consumers who are unaware of your Magento eCommerce store. For this reason, business owners must improve the efficiency and effectiveness of their critical consumer touchpoints, with the checkout stage being the final step in securing sales. One such strategy for encouraging customer buy-in at this stage of the consumer journey and encouraging customer retention is to offer point of sale financing solutions through the integration of multi-lender platforms like ChargeAfter. 

The powerful platform helps facilitate the lending of finance to customers who are ready to buy but lack the capital to make a purchase, a process that does wonders to encourage customers to return to your online store for the following key reasons:

Personalized Point of Sale Financing Solutions

ChargeAfter’s multi-lender platform allows customers shopping on Magento stores to access POS financing solutions from a range of reliable lenders. When the customer arrives at the checkout stage, they are encouraged to utilize the multi-lending platform that connects them with a personal financing solution tailored to their unique shopping requirements. This aspect of personalization means that every customer receives a payment plan specific to their order, which in turn promotes trust with the online retailer. Personalization is critical for customer retention and its implementation through ChargeAfter’s point of sale financing platform will encourage customers to return for access to new, tailored payment plans for their next order.

Checkout Efficiency for Customer Satisfaction

Loyal customers return to online retailers time and time again because of the efficiency that their eCommerce platforms offer. During the checkout stage, customers are swayed by the effort and time required to make a purchase and tend to shop with Magento retailers that minimize these two influential shopping factors. The integration of ChargeAfter’s multi-lender platform ensures that each shopper experiences a streamlined financing process that does not require them to leave to third-party sites or consult their bank for funding. By pooling the entire process onto your eCommerce website, customers enjoy the satisfaction of shopping with ease and without having to leave your shop. 

Affordable Consumer Payment Plans

Customer retention is supported through the integration of cost-saving strategies, and the implementation of a point of sale financing solution will provide them with a range of affordable payment plans to make a purchase. These plans are driven by their unique budgets and order values, giving them the best and most cost-effective solution to an otherwise risky and interest-driven process. Customers are more likely to return to online retailers that give them the best bang for their buck during the checkout stage.

Automation Mitigates Anxiety

Automation is paramount in the success of Magento online retailers as small businesses save massive amounts of money relegating tedious tasks to management platforms. Whatsmore, automation serves customers shopping online stores as it helps deliver solutions quickly. Customers arriving at the checkout stage may feel overwhelming anxiety should they have to leave your site and consult a banking partner for finance. That’s where ChargeAfter’s consumer financing options come in. This streamlined and automated process gets everything done in a timely manner with minimal effort required from the consumer, a benefit that will encourage more customers to return to shop with one’s Magento store. 

Success encourages more success, and leveraging ChargeAfter’s powerful multi-lender platform is bound to boost your sales and growth through encouraging customer retention. By personalizing payment plans, improving efficiency, offering affordable solutions, and mitigating consumer anxiety, Magento retailers can enjoy more of this success with returning customers.

Omnichannel strategies are becoming a critical part of the Magento 2 and online retail process, informing much of the activity of eCommerce websites no matter the platform as these strategies are geared towards improving a customer’s experience with one’s company online. Despite the importance of implementing new marketing strategies like an omnichannel approach, many eCommerce businesses have yet to leverage the power and benefits of these strategies alongside customer-centric consumer financing solutions such as the multi-lender platform developed by ChargeAfter. The following article will discuss omnichannel strategies further and spotlight how consumer financing from ChargerAfter supports said strategies. In doing so, we will show you how to boost sales on your Magento 2 retail store today.

What is an Omnichannel Strategy?

An omnichannel strategy is a marketing approach that aims to deliver customers with a comprehensive and completely integrated shopping experience that considers the online user journey, brick-and-mortar experience, and every touchpoint in between. An omnichannel strategy is designed to leverage technological innovation at every level of the consumer journey, from access to codes in-store that allow customers to purchase from their mobile devices instead of at the checkout counter to browsing products online and receiving a coupon to redeem them when trying on the outfits in-store. 

The back and forth process of an omnichannel strategy intends to serve customers convenience wherever they are in the consumer journey, with the checkout stage being the most pivotal part and the result of a successful strategy. For this reason, omnichannel strategies need to include effective and efficient consumer financing solutions to improve the rate of conversions at checkout. 

How Consumer Financing Supports Omnichannel Strategies

As discussed, consumer financing is a pivotal part of an omnichannel strategy as it may make or break an online sale for Magento 2 eCommerce websites. The integration of effective consumer financing solutions such as ChargeAfter’s multi-lender platform gives more purchasing power to consumers, thus encouraging online sales for the business. Let’s take a look at the key factors influencing online shoppers thanks to the successful implementation of consumer financing.

Browsing and Buying at Consumer’s Fingertips

Consumer financing solutions such as a multi-lender platform allow consumers to quickly and effortlessly access funds needed to make a purchase on one’s online store. This efficient delivery of point of sale financing ensures that the customer journey is streamlined and incredibly efficient, factors that align with an omnichannel strategy’s intention of giving consumers browsing and buying capabilities at their fingertips.

Effective Management of Customer Activity

Consumer financing platforms, like those developed by ChargeAfter, allow online retailers to keep track of their customers and manage their activity through solving their online shopping problems. Back-end analytics and full-reporting support from ChargeAfter also allow retailers to leverage a successful omnichannel strategy.

ECommerce Unification with Consumer Financing

Consumer financing delivers a unified eCommerce solution for consumers who require POS financing to make a final purchase decision. The ability to offer customers access to finance quickly and easily through the website will save them time they may have spent failing to apply for a loan through their bank. The time-saving potential for customers shopping with ChargeAfter-integrated Magento retailers will make an impressive difference in sales figures and align with a fully integrated omnichannel strategy.

Boost Your Magento 2 eCommerce with ChargeAfter

ChargeAfter’s powerful multi-lender platform has been successfully integrated with thousands of Magento 2 eCommerce websites, giving retailers access to superior consumer financing support to encourage sales growth. The implementation is easy and affordable, allowing retailers to develop successful omnichannel strategies and leverage the critical checkout stage of the consumer journey in no time. Merchants can contact ChargeAfter today to receive more updates on the power of multi-lender point of sale financing platforms. 

As online retail continues to grow and projections indicate an uptick from pre-pandemic estimates of a 12.8% increase in eCommerce sales to 13.7%, it’s no surprise that Magento retailers and other online stores are constantly on the search for consumer-centric innovations that will encourage profitable growth alongside these figures. One such area of extreme importance for online retailers is the checkout stage on the consumer journey, a touchpoint that needs new tools to leverage conscious buyers and help businesses capture sales. Point of sale financing solutions have become paramount for their benefits to both the consumer and the retailer, acting as a solution to credit problems that may encourage more sales and drive consumer loyalty. In this article, we will highlight the 5 reasons why Magento retailers benefit from ChargeAfter’s point of sale financing platforms. 

1. Access to Multi-Lender Point of Sale Financing

ChargeAfter’s unique point of sale financing solution sets it apart from the array of other POS financing platforms available to Magento retailers. The reason ChargeAfter is showcasing added value is through the implementation of a multi-lender platform. This system funnels consumers through prime and sub-lenders until they receive acceptance of a personalized payment plan that suits their unique needs. For example, ChargeAfter will filter consumers through the financing application process in real-time and connect them to a lender that is capable of facilitating their financing needs. This gives a retailer’s consumers access to the largest selection of lenders, ensuring they are able to access funds to purchase in the quickest time possible.

2. Higher Conversion Rates at Checkout

The perks of using ChargeAfter’s multi-lender point of sale financing encompasses the platform’s ability to reflect higher conversion rates at checkout. Consumers who arrive at the checkout stage and are worried about their ability to finance their purchase are quickly and easily given access to a wealth of payment plans aligned to their financial capabilities. For example, consumers will be partnered with lenders that allow for small monthly repayments at no interest rate and this is all done without the need for a credit check. The worries stripped from having to receive a credit check allow potential customers to turn into paying customers more efficiently as they are less discouraged during this late stage of the consumer journey. 

3. Building Loyalty With Customers

In retail, customers respond to companies that make their lives easier for them. In online retail, this is truer than ever. The pandemic encouraged online shoppers to become more confident and this newfound confidence has brought with it a much more vigilant customer with varying demands from the online stores they shop with. Customers are more inclined to purchase from retailers that facilitate their unique consumer journey. When it comes to point of sale financing, ChargeAfter’s multi-lender platform will showcase one’s Magento retail businesses desire to assist their customers during the checkout process, ushering in a positive company image among these shoppers. Furthermore, this consumer support is likely to equal more return customers and this helps one’s Magento retail business’s long-term growth. 

4. Broader Consumer Base

As consumers are not required to undergo intensive credit checks with ChargeAfter’s point of sale financing, more are able to purchase products from Magento retailers that utilize the powerful platform. This gives online retailers access to a wider consumer pool, encompassing customers who have turned away from competitors during the checkout stage as they have not had access to financing.

5. Increased Sales of Large-Ticket Items

A huge draw-in for online retailers using ChargeAfter’s multi-lender platform is the ability to finance their customers’ purchases of large-ticket items. Mattress financing is proving a massive point of sale problem that can be solved through the use of this platform. This is because customers can source funds for mattresses, and other large-ticket items that they may have previously been ineligible to purchase because of failing loan applications with their bank. An increase in sales of large-ticket items drives bigger sales margins for Magento retailers.

Magento retailers should consider the benefits of implementing ChargeAfter’s point of sale financing platform if they wish to flourish in the growing and competitive online retailer industry.

Customers have become more tech-savvy and confident, qualities that have helped increase the rate at which consumers shop online. Urged on by COVID-19 pandemic lockdowns and social restrictions, the ease of online retail is also answering consumer challenges and businesses are responsible for ensuring an efficient and effective online consumer journey to meet the growing influx of smart online shoppers. The use of buy now pay later multi-lender checkout options is proving invaluable to eCommerce merchants and consumers alike, as these new solutions streamline the consumer journey to provide quick and easy shopping experiences as well as faster paths to conversion. 

In this article, we will explore the 5 reasons why customers prefer shopping with merchants who use ChargeAfter’s buy now pay later (BNPL) multi-lender platform and highlight why your eCommerce website should consider integrating this powerful technology.

1. Instant Access to Financing

One of the biggest factors that turn shoppers away from online stores is payment options and financing solutions. Many eCommerce websites fail to offer their customers access to a range of payment methods as well as point of sale financing solutions to facilitate a quick sale. Customers who shop online stores with buy now pay later systems are able to make a same-day purchase as they have access to instant funding. This helps consumers reward themselves with a purchase today and helps businesses grow their monthly sales.

2. Personalized Buy Now Pay Later Solutions

Instant access to financial support is only possible with merchants that provide comprehensive buy now pay later solutions for a range of customer segments. Customers are often unwilling or unable to shop online at stores that do not offer payment systems covering the entire credit spectrum. ChargeAfter’s multi-lender platform ensures that every customer has access to financing no matter their credit score. This personalized platform saves consumers from the worries of their credit rating, worries that may turn them away from a merchant’s online store.

3. Reliable and Trustworthy Financing

ChargeAfter accepts lenders that adhere to their policies and vets them to ensure that consumers receive financing from only the best lenders in the marketplace. The quality control gives consumers who shop with merchants using ChargeAfter’s buy now pay later platform peace of mind and confidence that they are receiving support from a reputable, reliable, and trustworthy source. Increasing consumer confidence at this point of the checkout stage is critical as it will help secure the sale.

4. Shop from Any Destination

Consumers around the world can benefit from online stores that integrate ChargeAfter’s BNPL multi-lender checkout option as the system works for customers no matter where they are based or where they are shopping from. Consumers shop from the comfort of their homes, on the go, at their workplaces, or during vacations, so the multi-country facilities of these platforms ensure satisfied customers across the globe.

5. Purchase Pricier Products

Customers who are searching for pricier products are more reluctant to buy on credit as the longer it takes to pay off, the more they end up paying for the product. Take consumers who are looking to purchase a mattress, for example. These products cost a lot as is, and with added interest rates can go well beyond an average consumer’s budget. Consumers who calculate the final cost, which is most smart online shoppers, may stop before checkout and reevaluate their options – often searching for more affordable deals elsewhere or going for something second-hand. Merchants can mitigate this risk by integrating ChargeAfter’s multi-lender platform which gives consumers instant access to comprehensive payment plans that suit their needs and budgets. This helps consumers easily access and finance pricier products more confidently.

From personalized buy now pay later solutions to comprehensive and affordable payment plans for pricier products, online shoppers prefer purchasing from merchants using ChargeAfter’s powerful buy now pay later multi-lender checkout options.

Magento eCommerce retailers would be wise to consider new strategies for the promotion, acquisition, and retention of consumers shopping on their online stores as more people flock to online retailers for their products. Statistics showcase that revenue generation for online retailers has and continues to show impressive growth, largely linked to growing consumer confidence in online shopping and the need for online retail solutions during pandemic-enforced lockdowns and restrictions. An essential part of the consumer journey that needs Magento eCommerce websites’ attention is the checkout process, and offering point of sale financing solutions may be the answer online retail owners have been searching for in their strategic approach to securing new and sustained customer business. 

What is ChargeAfter

ChargeAfter is a platform that connects merchants and lenders to provide online shoppers with accessible point of sale financing options during the checkout stage of their consumer journey. The market-leading platform provides finance coverage for customers to promote business and increase revenue and margins for a range of eCommerce websites, including those operating on the Magento platform. The success of ChargeAfter’s buy now pay later consumer financing systems are linked to its integration of multi-lender platforms with Magento eCommerce partners, a solution that is designed to give more consumers access to the finance required to make a purchase on one’s online store.

Multi-Lender Point of Sale Financing

Typical consumer point of sale financing platforms offer single lender capabilities that limit a customer’s potential access to funding. For example, single lender platforms may deny customer’s financing based on their credit ratings or the price of a particular product. The need for more inclusive systems is evident and ChargeAfter’s implementation of multi-lender solutions comes in to answer these challenges that consumers face. 

As a customer approaches the checkout stage of your Magento eCommerce consumer journey, they may use the multi-lender platform to receive point of sale (POS) financing options regardless of product price or credit rating. This is because the system funnels customers from prime to subprime lenders until they are accepted. In providing more customers with financial access to purchase the products in their cart, Magento eCommerce platforms can improve monthly sales figures through the integration of ChargeAfter’s multi-lender merchant platform.

Benefits of Integrating ChargeAfter with Magento eCommerce

There are boundless benefits to integrating ChargeAfter with Magento eCommerce platforms, and we have outlined the three primary advantages that one’s online retail store can leverage through this integration:

Increase Customer Conversions

Connecting customers with multiple lenders means more shoppers will receive access to POS financing, allowing Magento eCommerce websites to deliver personalized and instant solutions based on each individual customer’s online shopping needs. This efficient and efficient process streamlines the customer conversion process, facilitating sales growth through an increase in active shoppers.

Broad Credit Capabilities

ChargeAfter’s multi-lender platform caters to customers across the entire credit spectrum, allowing every visitor of your website to gain access to tailored point of sale financial options and thus improve the rate at which one’s online store experiences sales. 

Global POS Finance Support

The multi-lender platform is global, meaning your customers from around the world will have access to reliable and efficient financing options no matter where they are shopping from. This gives every Magento eCommerce website access to a larger consumer pool.

How to Utilize ChargeAfter Consumer Financing with Magento eCommerce

ChargeAfter’s team of skilled technicians and readily available consultants are just a call or email away from integrating the powerful multi-lender platform with one’s Magento eCommerce website. The system is implemented quickly, giving you access to the above-mentioned benefits as soon as possible. Furthermore, ChargeAfter provides continued support and full reporting on your sales growth through platform integration. 

Global eCommerce has experienced massive sales hikes, with online retail sales growing 27.6% for the year, a significant increase from the estimated 16.5% growth mid-pandemic according to authority sources. People around the world have grown accustomed to ordering their products online, with consumers more confident in online shopping today than ever before. This is largely owing to the need for efficient eCommerce solutions during long lockdown periods and social restrictions and this shift in shopping mindset is responsible for the enormous growth in online retail sales. That said, the same sources forecast a downward trajectory in online sales in 2021 as brick-and-mortar stores make a post-pandemic comeback. For this reason, buy now pay later (BNPL) solutions for Magento eCommerce websites are becoming an essential step in closing a customer deal online. 

In this article, we will explore the potential revenue boost for Magento eCommerce websites that integrate BNPL systems, particularly ChargeAfter’s powerful multi-lender platform. 

The Most Vital Consumer Touchpoint

The checkout stage on a customer’s online shopping journey is the most vital consumer touchpoint, and Magento eCommerce websites must consider new avenues to secure online retail sales once their customers have landed at the “Checkout” button. Many shoppers are enticed by great deals only to turn away from an eCommerce store having reviewed their cart and found that they do not have enough disposable capital to purchase their chosen products. The ‘um’ and ‘ah’ that consumers experience during the checkout stage could be mitigated through the integration of a buy now pay later Magento eCommerce plugin that allows them to cash in for the products today with confidence in settling the balance at a later time. Adopting such systems encourages consumers to keep shopping on one’s website, helping secure a quicker growth in sales. 

Leveraging Powerful BNPL Financing Multi-Lender Platforms

It’s one thing offering money lending solutions to consumers checking out on eCommerce websites, and it’s a completely different ballgame offering powerful multi-lender platforms that benefit a broader spectrum of consumers. ChargeAfter’s multi-lender platform gives more customers access to point of sale financing by funneling them from prime lenders to subprime lenders until they are accepted. This process happens instantaneously and on the back-end of Magento eCommerce websites, eliminating any confusion for the consumer and focusing on navigating them seamlessly through the sales funnel. The integration of this multi-lender platform means more customers have access to buy now pay later solutions, thus encouraging an increase in daily online sales.

New Solutions for Working Systems

Ecommerce point of sale (POS) financing and lending is not a new merchant solution, but ChargeAfter’s multi-lender platform is a fresh tweak of a working system that allows more customers to seek BNPL financing. Magento eCommerce websites that utilize multi-lender platforms have access to almost double their current consumer base as customers who were previously eligible for POS financing can now safely and securely pay for their products today with reliable payback options. The decision to offer multi-lenders aims to combat new challenges facing online retailers such as the rebound of physical retail stores post-pandemic discussed earlier in this article. 

Magento eCommerce websites need to switch on to online trends and activate as many avenues for sales growth in order to reduce the risks of rising consumer interest in physical retail stores. As customers possess more confidence in online shopping, the integration of ChargeAfter’s multi-lender platform may help answer these concerns as well as promote sales through streamlining and promoting access to financing for a larger segment of consumers shopping on one’s Magento eCommerce website.

There is a massive customer segment that is grossly overlooked, and it is a segment that is only growing. The subprime consumer – or those customers who don’t have access to credit or an established credit score. Normally, this is a segment that most retailers don’t take into consideration, and why should they? How can you be sure they can actually afford your product and they are more likely to make a one-time purchase if and when they purchase your service or goods. 

However, consumer behavior is continuously changing and according to statistics, 50% of Gen Z – the consumers who are quickly becoming an important segment in the market, have a prime credit score and a credit card with an average utilization rate of around 31%. So what about the other 50%? The percentage that doesn’t have an established credit score or who simply doesn’t want credit cards? This is the segment that poses a wonderful opportunity for merchants to not only increase their sales but also improve customer retention rates. 

Here’s how Buy Now Pay Later consumer financing from ChargeAfter can help you tap into this market.

The Subprime Customer – Who Are They?

Subprime customers are typically those who have a harder time getting approved for credit or loans from prime lenders because their credit scores are “fair”, or below average.

The higher your credit score, the easier it is to gain access to things like credit cards, short-term loans, and mortgages. Unfortunately, those who do not have a well-established credit record or a low credit score have a much harder time securing loans for houses, cars or getting approval for rentals and store or credit cards. 

Why Do Subprime Customers Matter?

The simple answer is that it is an untapped market that not only helps to increase your bottom line but also creates an opportunity for you to build a lasting customer relationship, one they might not be able to find in many other stores. 

A subprime customer doesn’t necessarily mean that they don’t earn as much as a prime or near-prime customer, it may just be that their credit scores are not above average because they haven’t built up a credit history yet. They are usually seen as high-risk buyers but research shows that the average income for a subprime consumer is around $70,990, whereas a prime lender customer is around $79,834 – only a few thousand dollars difference between the two. The same can be said for the debt the average subprime customer has accrued, which is $6,489, whereas the average prime or near-prime customer has accrued $6,194 – a minor difference of a few hundred dollars.

They may seem riskier when it comes to offering financing or personal loans, but looking closer at the numbers, the statistics show that they are not that far off from the consumer average.

How To Tap Into This Market With Buy Now Pay Later From ChargeAfter?

These customers may be turned away by prime lenders, but ChargeAfter’s waterfall financing network enables you to find the best terms and financing options for these customers. The ChargeAfter waterfall financing model works by connecting your customers to a multitude of prime, near-prime, and subprime lenders. Applicants are funneled through the waterfall and matched with the perfect lender that has terms and conditions suited to their needs. Instead of turning away customers that seem high risk to prime lenders, you can connect them to lenders who are willing to finance their purchases from your store. 

Since ChargeAfter’s technology uses multiple lenders, the consumer approval rating for Buy Now Pay Later financing is over 85%, whereas other single lender BNPL service providers only have a customer approval rate of between 60% to 65%.

This means that by using ChargeAfter as a BNPL service provider, you can get up to 20% more BNPL financed sales than if you were to use other single lender financing service providers. 

The Bottom Line

Despite being considered “risky borrowers”, subprime lenders make up a large portion of a viable market. By offering them waterfall consumer financing from ChargeAfter, you open the door for more opportunities to build a new customer base, increase your bottom line, and give your customers the chance to establish a healthy credit history.