This agreement is required by law if you collect personal data. Personal data is any kind of data or information that can be considered personal (identifies an individual):
First and last name
Billing and shipping address
Credit card information
Notice. Data collectors (meaning, you or your company) must make clear what they are doing with the personal information from users before gathering it.
Choice. The companies collecting the data must respect the choices of users on what information to provide and how personal that provided information will be.
Access. Users should be able to view or contest the accuracy of personal data collected by the company.
Security. The companies are entirely responsible for the accuracy and security (keeping it properly away from unauthorized eyes and hands) of the collected personal information.