ELV is exclusive to Germany and stands for Elektronisches Lastschriftverfahren, meaning "Electronic Debit Procedure". It works in a similar way to Direct Debit. ELV is more used by the customers that do not have a credit card. To use this method, the customer must submit their German bank account number and authorization information to a payee who then electronically debits funds from the account. After collecting the account information, receiving companies commonly outsource the transaction to third party payment processors.
This is a good choice to pay online for your favourite casino, Geman players allow casinos and other companines to access there personal bank accounts to withdraw the predetermined amount. But this is striclty for German players. The customer's account is charged directly of a direct debit. The transfer of money is handled through the merchant's own bank. In processing an ELV payment, a range of checks are carried out.
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