Direct Checkout Terms of Use

1. Overview

a. By using the direct checkout service (“Direct Checkout”) on Bonanza.com (the “Site”) as a seller (“Seller” or “Sellers”) or a purchaser (“Buyer” or “Buyers”), you agree to be bound by this Bonanza Direct Checkout Terms of Use Agreement (the “Agreement”). The Agreement is a legal agreement between you and Bonanza.com, Inc.

b. In order to accept payments directly through the Site, Sellers must register for a Booth Payment Account (“Booth Payment Account”) and use Direct Checkout. Direct Checkout allows Sellers to accept authorized credit card transactions for sold merchandise in specific countries ("Payment Transactions"), have those funds credited to Seller’s Booth Payment Account, and have those funds subsequently deposited into Seller’s designated bank checking account (“Bank Checking Account”). Buyers may authorize a Payment Transaction with any major credit card accepted by Bonanza, including Bonanza Gift Cards, or by bank transfer in authorized countries. Bonanza Gift Cards are prepaid credit cards; these transactions are handled in the same way as credit card transactions on Bonanza and are subject to the Gift Card Terms of Use.

c. Bonanza helps facilitate marketplace transactions and is not the purchaser of the Seller's goods. See the Bonanza Terms of Use for more information.

d. Direct Checkout is generally available seven (7) days per week, twenty-four (24) hours per day, except for scheduled downtime due to system maintenance.

e. Direct Checkout is only available to Sellers who register (“Registered Seller”) and are approved for a Shop Payment Account. Sellers must be at least 18 years old to register for a Booth Payment Account.

f. Direct Checkout functionality may be made available, modified, or discontinued by us at any time without notice and is subject to the limitations in the Bonanza Terms of Use.

g. As a security measure, we may, but are not required to, impose transaction limits on some or all Buyers and Registered Sellers relating to the value of any transaction, deposit, or adjustment, the cumulative value of all transactions, deposits, or adjustments during a period of time, or the number of transactions per day or other period of time in accordance with Section 4d of this agreement. We will not be liable to Registered Seller: (i) if we do not proceed with a transaction, deposit, or adjustment that would exceed any limit established by us, or (ii) if we permit a Buyer to withdraw from a transaction.

h. We may refuse service to anyone, for any reason, at any time.

2. Payment Transactions

a. Buyer may authorize a Payment Transaction with any major credit card accepted by Bonanza, including Bonanza Gift Cards, or by bank transfer in authorized countries.

b. By registering for Direct Checkout, Seller agrees always to comply with and to sell items in accordance with the Bonanza Terms of Use.

c. The use of Direct Checkout must be solely for the sale of items listed on Bonanza. Registered Seller agrees to ship sold item(s) once the Payment Transaction is complete and reflected in the Booth Payment Account. Bonanza reserves the right to terminate Registered Seller’s access to Direct Checkout if Seller is determined to be using Direct Checkout for transfer of funds not related to the sale of items listed on Bonanza.

d. Bonanza reserves the right to decline Payment Transactions that we have reason to believe to be high risk, fraudulent, or in violation of this Agreement.

e. Bonanza will bear the risk of credit card fraud (i.e. fraudulent purchase arising from the theft and unauthorized use of a third party's credit card information) occurring in connection with Payment Transactions. In the event Registered Seller is found to be complicit with any payment fraud, Bonanza will not be liable.

f. Bonanza maintains records associated with Payment Transactions and does not pass any secure data, including credit card numbers or bank account information to Registered Seller. Registered Seller will receive shipping information and limited Buyer account information as needed to complete the order. Use of this information is dictated by our Privacy Policy.

3. Booth Payment Account

a. Direct Checkout is only available to Sellers who register and are approved for a Booth Payment Account. A Shop Payment Account allows Registered Sellers to track payment amounts, refunds, and fees related to Payment Transactions. Sellers must provide personal information as requested during registration, must provide us true and accurate information, and must maintain and update that information as applicable. Sellers will not impersonate any person or use a name he or she is not legally authorized to use. Seller authorizes us, and authorized agents, to verify his or her information (including any updated information) by accessing public records and to obtain credit reports about Seller in order to approve Seller for use of the Booth Payment Account. Registered Seller also authorizes us to verify his or her information from time to time while Registered Seller is using Direct Checkout. The Booth Payment Account is available only to individuals who meet the terms of eligibility for the Bonanza selling community and who have been issued a credit card acceptable by Bonanza.

b. Bonanza reserves the right to conduct periodic reviews of Registered Seller’s registration information and usage of Direct Checkout.

c. Registered Seller will resolve any dispute directly with Buyer or with the assistance of the dispute management and refund tools available on Bonanza. In the event of a dispute being escalated to Bonanza’s customer Support Team, Bonanza reserves the right to issue a refund to Buyer if transaction is found to be in violation of the Bonanza Terms of Use. In the event of chargebacks submitted by Buyer, Bonanza will respond to credit card networks on behalf of Registered Seller; Registered Seller agrees to provide any requested information to us within five calendar days of the request. Bonanza reserves the right to recoup funds associated with Buyer chargebacks in accordance with Section 5 of this Agreement.

d. We will inform Registered Sellers of each Payment Transaction, or of other information pertaining to Direct Checkout, using our standard communication procedures, including email or other messaging services associated with Registered Seller’s account.

e. Registered Sellers can access Payment Transaction information online in the Booth Payment Account. Registered Sellers may access the Booth Payment Account only with a browser that is compatible with Direct Checkout, including any security features that are a part of Direct Checkout.

f. Sellers may provide refunds or adjustments to Buyers for their Payment Transactions made on Bonanza using refund functionality enabled by Bonanza and accessible through the Booth Payment Account. Funds to cover refunds will be deducted from Registered Seller’s Booth Payment Account balance. In the event of insufficient funds to cover the amount of the refund, Seller’s credit card on file will be charged.

g. Fully refunded Payment Transactions may be eligible for cancellation.

h. Bonanza charges an applicable fee (“Payment Processing Fee”) (see Fees Policy) for processing each Payment Transaction. The fee amount will be assessed on the gross order amount, including shipping and tax (if applicable). The fee will be posted to the seller's monthly bill, to be paid using your preferred payment method. We reserve the right to modify the Payment Processing Fee at any time pursuant to our Fees Policy. Any other fees included in Fees Policy remain applicable. In the event of any partial or full refunds credited back to Buyer in association with a Payment Transaction, the Payment Processing Fee and other applicable fees will be recalculated based on the adjusted sale price. The difference between the original Payment Processing Fee and the adjusted Payment Processing Fee will be applied to the refund amount being credited back to Buyer. Other applicable fees will be refunded on Registered Seller’s bill.

4. Deposits

a. All funds resulting from a completed Payment Transaction will be reflected as a balance in Registered Seller’s Booth Payment Account. Payment Transactions are considered "in escrow" once the payment is approved. Any refunds, adjustments, or other amounts paid to Buyers in connection with purchases are also applied to Registered Seller’s Booth Payment Account balance. Funds in a Booth Payment Account balance are eligible for deposit into Registered Seller’s Bank Checking Account at the end of any applicable deposit delay, reserve, or hold period as defined in Sections 4c and 4d.

b. Available Balances can only be deposited into bank checking accounts in the United States, in US dollars.

c. We will initiate a deposit of Registered Seller’s Available Balance into Registered Seller’s Bank Checking Account within two (2) to five (5) days after the merchandise associated with the Payment Transaction is scheduled to arrive at the buyer's address, per the tracking information provided by the Registered Seller. If the Registered Seller does not provide tracking information, but marks the order as shipped, payment will be disbursed to the Seller's Bank Checking Account 10-30 (ten to thirty) days after purchase, depending on the Registered Seller's past performance on Bonanza (see 4d). If the buyer leaves positive feedback on the transaction, we will consider the Payment Transactions satisfactory, and distribute funds to the Seller's Bank Checking Account on the next business day. If the seller does not mark the order as shipped and the buyer does not leave any feedback, Bonanza will disburse to the Seller's Bank Checking Account 45 (forty five) days after the purchase date. When Registered Seller either initially provides or later changes his or her bank account information, Registered Seller must wait at least five (5) calendar days to request a deposit into Registered Seller’s Bank Checking Account. Deposits into Registered Seller's Bank Checking Account will generally be credited within three (3) to five (5) Business Days of the date we initiate the transfer.

d. When a merchant initially signs up for Direct Checkout, their approval will be considered "Provisional" until we build a history of transactions with the merchant. If the good standing of the Registered Seller is maintained during this provisional period, we will update the account status to "Approved," which will have the effect of reducing the time in escrow to the lesser estimates in section 4c. The account will then remain in "Approved" status until such time that we determine that the Registered Seller has transitioned to a higher risk category (as indicated by a pattern of negative feedback, excessive refunds, chargebacks, and so on). We may then elect, at our sole discretion, to move the account back to "Provisional" status or to "Suspended" status. If we reasonably conclude based on information available to us that Registered Seller's actions and/or performance in connection with Direct Checkout may result in Buyer disputes, chargebacks, or other claims, then we may put into effect a hold, deposit delay, or reserve associated with Registered Seller’s Booth Payment Account balance. A hold may be put on funds associated with a particular Payment Transaction in the event of disputes or investigations associated with the order for the shorter of: (a) 180 days after the estimated delivery date; or (b) completion of any investigation(s) regarding any Registered Seller actions and/or performance in connection with the Payment Transaction. Deposit delays are defined as the number of days between a sale and the day the net amount from the sale becomes available for deposit, provided the payment has been completed as defined in Section 4a. A deposit delay may be between 0 and 180 days. A reserve is defined as a fixed percentage of Registered Seller’s Booth Payment Account balance delayed prior to being included as part of Seller’s Available Balance for a period of up to 180 days. We will not be liable to Registered Seller if we act in accordance with the provisions of this Section.

e. In the event funds cannot be deposited into Registered Seller’s Bank Checking Account, the funds will be made available in Registered Seller’s Booth Payment Account balance. Registered Seller will be required to update his or her Bank Checking Account information.

5. Recoupment

a. We reserve the right to seek reimbursement from Registered Seller if we, in our sole discretion, provide a refund to Buyer if Registered Seller cannot promptly deliver the goods, or if we discover erroneous or duplicate transactions, receive a chargeback from Buyer's credit card issuer or reversal of payment for the amount of Buyer's purchase from Registered Seller, or Registered Seller otherwise does not act in accordance with Bonanza's Terms of Use.

b. We may obtain reimbursement of any amounts owed by Registered Seller to Bonanza by deducting from future payments owed to Registered Seller, reversing any credits to Registered Seller’s Booth Payment Account balance, charging Registered Seller's credit card on file, or seeking such reimbursement from Seller by any other lawful means, including collections. You authorize us to use any or all of the foregoing methods to seek reimbursement, including the charging of your credit card or debiting from your checking account.

c. Any chargeback filed by a buyer against a Registered Seller will result in a fee of $30 being deducted from the Booth Payment Account, or via the other methods detailed in 5b.

6.Fees

a. Payment processing fees are assessed on the total amount of the sale, including tax and shipping. Unlike other fees, this processing fee is deducted from the transaction amount as the funds become available for deposit. Payment processing fees will be reflected in your Booth Payment Account.

7. Reporting obligations

a. For U.S. Registered Sellers, Internal Revenue Service (“IRS”) regulations require that U.S. third-party settlement organizations and payment processors, including Bonanza, file Form 1099-K to report unadjusted annual gross sales information for sellers that meet both of the following thresholds in a calendar year (reporting):

1. More than $20,000 in gross sales, and

2. More than 200 transactions.

As a result of these regulations, Registered Sellers who approach 150 (one hundred and fifty) transactions in a calendar year, regardless of sales volume and aggregated across his or her Shops, will be required by Bonanza to provide taxpayer-identification information and will be notified via email and through other communication channels available on Bonanza.

8. Miscellaneous

a. All notices will be sent by e-mail or will be posted on the Site or by any other means then specified by Bonanza. We will send notices to Registered Seller at the e-mail address maintained in Bonanza’s records for Registered Seller. Registered Seller will monitor his or her e-mail messages frequently to ensure awareness of any notices sent by us and otherwise agrees to the notification clause in the Bonanza Terms of Use. Registered Seller will send notices to us using the functionality for contacting Bonanza provided in our Help Section.

b. In the United States only, we may earn interest or other compensation from the balances in our bank accounts that result from the timing difference between our being paid by Buyers and our bank account being debited to pay Shop Payment Account Available Balances to Registered Sellers.

d. Registered Seller may terminate acceptance of credit card and Bonanza Gift Card payments through Direct Checkout at any time by adjusting his or her Shop Settings and we may terminate Registered Seller’s use of Direct Checkout without notice to Seller. Upon termination, any non-disputed available balance will be deposited into a Registered Seller’s Bank Checking Account and Seller will still have access to his or her Booth Payment Account. We reserve the right, upon termination of access to Direct Checkout, to set off against any payments to be made to Registered Seller, an amount determined by us to be adequate to cover any anticipated chargebacks, refunds, adjustments or other amounts paid to Buyers in connection with purchases from Registered Seller's Booth Payment Account for a prospective 180-day period. At the end of such 180-day period following termination, we will disburse to Registered Seller any amount not used to offset chargebacks, refunds, adjustments, or such other amounts paid to Buyers, or seek reimbursement from Registered Seller via any of the means authorized in Section 5 above for any additional amount required to offset chargebacks, refunds, adjustments, or other amounts paid to Buyers, as applicable. Refer to the Bonanza Terms of Use for information regarding termination of Seller’s accounts.

Effective Date: August 5, 2014.
Bonanza reserves the right to alter these policies at any time.