The INFORM Consumers Act is a new law that goes into effect on June 27, 2023. It aims to create a safe and transparent online buying process by requiring marketplaces like Bonanza to collect, verify, and disclose certain high-volume seller information.
Who is considered a high-volume seller?
Under the Act, high-volume sellers are defined as sellers who sell goods to US buyers and have sold 200 or more new items totaling more than $5,000 during a 12-consecutive-month period over the last 24 months on Bonanza. This criteria applies to both US and non-US sellers.
What information is Bonanza required to collect and verify?
If you meet the definition of a high-volume seller under this law, Bonanza will need to collect and verify your:
- Bank account number
- Tax identification number
- If your business is located outside of the U.S., we’ll need to collect your tax identification number issued by the country that you do business in and verify a copy of your government-issued document showing the Tax ID number.
- Phone number
- Email address
If you’re a business seller, we’ll also need to collect and verify a copy of your government-issued ID.
If you obtain and ship your inventory through a drop-ship or drop-ship arbitrage business model, you must provide the above required business information for the sub-seller who provides and ships your inventory.
Sellers must keep this information up-to-date. Bonanza will re-verify high-volume sellers' information annually.
What information will Bonanza share with customers?
Once you reach $20,000 in annual revenue from sales made on Bonanza, we’re required to include your name (or company name) and full physical address in purchase confirmation emails and order details.
If your address is your residential address, you can request an exception to only show your state and country on confirmation emails and order details from your "Account > Account settings > Seller settings" page.
What happens if I do not provide the required information?
If you do not provide the required information or Bonanza is not able to verify the provided information within 10 days of receiving it, your selling account will be placed on a temporary hold until Bonanza receives and is able to verify the required information. Once your information has been verified, your account will be restored so that you can continue to list and sell items.
Sellers who meet the high volume seller criteria can update their settings from the "Account > Account Settings > Seller settings" page.
Who should I contact with questions?
You can reach our team at email@example.com with any questions regarding the INFORM Consumers Act requirements for Bonanza.