The Integrity, Notification, and Fairness in Online Retail Marketplaces (INFORM) Consumers Act is a US law that helps make online shopping safer and more transparent for consumers. It applies to you if you made 200 or more sales in the US of new consumer products totaling more than $5,000 in a 12 consecutive month period over the last 24 months.
If you meet the criteria for the INFORM Consumers Act, you may be asked to provide and confirm your tax information and bank account details so that you can continue selling on Reverb without disruption. Your information will need to be kept up to date and you’ll be asked to review it annually. Reverb is required to verify your information and may reach out for additional information via email if needed.
How do I confirm my seller information for the INFORM Consumers Act?
US sellers
On Reverb.com, go to the "Identity Verification" tab of your Shop Settings. From here, you can verify your identity, and add the required tax and bank account info. To do so:
- Verify your identity by selecting Start verification.
- Add, update, or confirm your tax information and Submit tax info securely.
- Add, update, or confirm your bank account details in the "Policies" section. You'll need to verify it via Plaid.
Sellers outside of the US
On Reverb.com, go to the "Identity Verification" tab of your Shop Settings. From here, you can verify your identity, and add the required tax and bank account info. To do so:
- Verify your identity by selecting Start verification.
- Add, update, or confirm your tax information and Submit tax info securely.
- Add, update, or confirm your bank account details in the "Policies" section.
What kind of information will I need to provide?
You will need to provide your tax identification number and bank account details.
What does Reverb do with this info?
We take your information and privacy very seriously. Reverb follows industry standards to protect the sensitive information submitted to us, both during transmission and after it’s received. You can review our Privacy Policy here.
Laws have different requirements for how we use and display your info.
Your tax ID will never be shared publicly, though Reverb may be required by law to share some of your data and proceeds you make on Reverb with tax authorities.
We’ll only ask for info that is legally required for your unique business depending on factors like where you’re located, where you sell, and how much you earn on Reverb. Other Reverb sellers may be asked to confirm different info.
What is the INFORM Consumers Act?
The Integrity, Notification, and Fairness in Online Retail Marketplaces (INFORM) Consumers Act is a US law passed by Congress in 2022 that is intended to deter the sales of counterfeit/illegal products and make online shopping both safer and more transparent for consumers. The INFORM Consumers Act legally requires marketplaces to collect and verify bank account and contact information, including a tax ID number, to deter the sales of stolen, counterfeit, or unsafe items.