ELV Accepted Online Casinos
ABOUT ELV
ELV (Elektronisches Lastschriftverfahren) is an electronic direct debit payment method, available only in Germany. The banks have been providing direct debit using this method since the advent of so-called Giro accounts in the 1950s. Mostly used in Europe, a giro is a payment transfer from one bank account to another bank account and initiated by the payer, not the payee. ELV is very popular within the motherland, as it is relatively cheap and allows customers to make quick and easy payments.
WHY USE ELV
This is an alternative solution ideal for customers who don’t like using their credit cards online to pay for products or services. ELV only demands the user to authorize the merchant, which can be done in written form, orally, by email or through a web interface preferred by the merchant. Customers must provide their bank account number and authorization information. After receiving the information, the company will work with a third party payment gateway to process the transaction. The bank doesn’t check the merchant’s account to see if there are sufficient funds. In case of insufficient funds, chargeback fees are applied to the shopper’s account. Consumers are able to cancel ELV direct debits within six weeks. As illegal ELV direct debit instructions are easily tracked down, financial misconduct is not very common. There is a wide variety of online payment systems that you can use to conduct e-commerce activities, and ELV is a great example, even though it wasn’t designed to meet the needs of users worldwide.
