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ELV (ElektronischesLastschriftverfahren) – Banking Methods

ELV (ElektronischesLastschriftverfahren) – Banking Methods

ELV is an online payment system that functions exclusively in Germany. ElektronischesLastschriftverfahren, which translates to Electronic Debit Procedure, functions similarly to the common direct debit system. Using ELV, an account holder in a German bank can authorize a payee to automatically withdraw money from his account. The ELV system carries out this process electronically and therefore no paperwork is involved. ELV is very popular in Germany as a mean of payment because a large proportion of the population has ditched the use of credit cards, particularly in making online purchases. This method is can be quite useful for regular gamers who can authorize their favorite casinos to withdraw a regular amount.

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