The INFORM Act is a U.S. law that aims to ensure a safe online buying experience for consumers of online marketplaces, like Grailed. The INFORM Act requires Grailed to collect, verify, and disclose certain “high-volume seller” information.
What is a “high-volume seller”?
A high-volume seller is someone who has sold 200 or more new or unused items totaling more than $5,000 in a 12-consecutive-month period over the last 24 months on Grailed.
What action do I need to take?
You will need to provide certain personal information to us through Persona (a trusted third party vendor) to collect and verify the necessary information on Grailed’s behalf.
A link to Persona will be emailed to you for you to complete the necessary steps.
What information is collected?
High-volume sellers will be asked to provide and verify the following:
- Phone number
- Tax identification number
- Bank account information (including an image of a check or bank statement corresponding to your account in order to verify the provided information)
High-volume sellers that are business entities will also be asked to provide:
- A government-issued record or tax document that includes the business name, or if such document is not available, a copy of a government-issued identification for an individual acting on behalf of the entity.
Who will have access to this information?
For high-volume sellers that have at least $20,000 in annual gross revenue, Grailed will display the seller’s name and address in order confirmations and soon in the buyer’s purchase history. For high-volume sellers with below $20,000 in annual gross revenue, the information provided will remain confidential.
Note that Grailed will not disclose a seller’s address if that seller certifies that they only have a personal address. However, the country and state of residence (if applicable) will still be displayed. For a seller operating under a business address, however, this will be displayed in full to the buyer.
Sellers will have an option to certify whether the address is personal only when providing the data through our vendor, Persona.
What happens if I don’t provide this information?
We are required to collect and verify this information by law through the INFORM Act. If you do not provide the required information within 10 days of the threshold being met, your Grailed account will be suspended, or your payouts may be paused, until the required information is provided through Persona.
Will I only need to provide this information once?
Sellers will need to provide yearly confirmation through Persona that their information is accurate and up-to-date, or make any changes as needed. Emails with a new link to verify existing information will be sent each year as long as the seller remains within the high-volume threshold.
If I delete my Grailed account, do you keep this information?
The information provided by a seller will be stored within Persona for as long as necessary for Grailed’s compliance with the INFORM Act and in accordance with our Privacy Notice.