ELV Elektronisches Lastschriftverfahren Online Casinos

Introduction

Since many European countries offer regulated online gambling, and ELV (Elektronisches Lastschriftverfahren) is a payment solution offered across those same countries, as a European player, you get to make the smoothest direct debits for your deposits and withdrawals across a great number of online casinos. The solution is offered across the entire EEA area, and functions via the SEPA network, therefore, you can rest assured that it is incredibly safe to use and backed up by the standard banking system. In case you wish to know more about it, to eventually start using it yourself, make sure you stay with us. Why use ELV (Elektronisches Lastschriftverfahren) as your payment method across online casinos?

About ELV (Elektronisches Lastschriftverfahren)

Since its name directly translates to electronic direct debit, ELV (Elektronisches Lastschriftverfahren) is a payment solution that allows users from many European countries to make effortless online transactions in just a few simple steps. The solution works through the SEPA (Single Euro Payments Area) network and is offered all across the EEA area, even though its German name might suggest otherwise.

Mostly, it is used in retail, where the retailer needs the customer's bank card and a direct debit authorization (signature on the receipt) to create a direct debit order. As, however, it is used offline and requires no PIN for authorization, but only the customer's signature and that's why it is not suitable for online transactions. But, the solution has evolved and due to users’ demand, today, it is available digitally, too.

Offline, the customer goes to a retail store, gives the retailer the debit card, which is then swiped through a POS terminal, and using a magnetic strip, their IBAN and BIC is read. That’s how the SEPA direct debit order is placed, which is signed by the customer as a mandate (a direct debit authorization). The retailer and the customer get a receipt to keep for further reference, while the money is processed through the SEPA network. The money should be received in no longer than one business day, as the duration is fixed.

Why is it important to know about the offline process, when you need to know more about the online process? Well, for the SEPA direct debit transfer to be successful within the EEA area, the BIC and IBAN, as well as the mandate reference must be shared, but also the date, purpose of use, and creditor ID. These details are compared with nationwide blacklist and scoring parameters and the transaction is immediately rejected if you have an outstanding direct debit or your card is blocked. When using it across online casinos, your transaction must be vetted and thoroughly checked prior to the transaction being completed. Given how you'll be requesting a cashless transaction, the operator is allowed to collect a claim based on the mandate reference, so their account is credited and your account is debited from using book money transfer, the mandatory details must be disclosed.

Speaking of its use across online casinos, ELV (Elektronisches Lastschriftverfahren) is actually quite a popular solution across sites based in Europe. Considering the Western Europe market reports, it is one of the most trusted methods among Europeans, and that’s probably why operators hurry to put it on their lists of accepted payment methods. So, if you wish to give it a try yourself, for your deposits and withdrawals, make sure you stick with us, as in the following section, we’ll tell you have to do that.

How to Start Using ELV (Elektronisches Lastschriftverfahren)

The procedure to get started with the solution is not complicated at all. In fact, all you have to do is meet three crucial criteria to be eligible to use it. One, you must be a resident of a country in the EEA area, and two, you need to have an active bank account and, three, you need to have a bank-issued card. If you’re already meeting at least the first criterion, you can still use it, after you open a bank account with any European bank, and get your bank-issued card.

In fact, regardless of whether you’re going through this step or not, you will still need to visit your bank to ask a bank employee to give you the mandatory data we mentioned earlier, the IBAN and BIC. For the solution to function at the online casino, the operator should have the same data, plus the creditor ID. Now, even though this data is safely stored on your card’s magnetic strip, you won’t be using the card physically, so you’ll need to provide these details manually, entering them in the indicated fields.

Now, to explain the way the solution works, we must go through the actual depositing procedure steps. So, after you join an online casino that accepts it and you choose it as your payment method on the Cashier page and set the amount you want to deposit. After you provide the mandatory data, the operator will quickly compare the scoring parameters and run them through the blacklists, and if all is in order, the transaction will be approved. If not, it will be rejected. Either way, you get an immediate answer, as they are checked in real time. As simple as that.

So, let’s go over the exact depositing steps together, in the following section, so that you know exactly what to do after you decide to give the solution a try at your favorite online casino that accepts it.

Depositing and Withdrawing with the Solution

Given how the EU pushed for competition in online gambling in 2007, many European countries opened up their markets for operators based in the EU, as part of the free-trade deal, in the following years. By 2012, EU laws still lacked harmony, but at the time of writing, they are finally on par with the online gambling laws across the EU countries with legal online gambling. That’s great for you as a European player, since now you can play across hundreds of online casino sites. And the best part is that most of those sites offer ELV (Elektronisches Lastschriftverfahren).

All you have to do is start looking for sites that interest you, explore their offering, and select one that you’d eventually want to join. Register your player account with it, and to fund that account with ELV (Elektronisches Lastschriftverfahren), do the following:

1. Access your registered player account and head over to the Banking page.
2. Find ELV (Elektronisches Lastschriftverfahren) on the list of accepted Deposit Methods.
3. Select it and in the new window, enter your card number, IBAN, and BIC, and then set the amount you want to deposit.
4. Wait for the operator’s approval after the thorough check and the funds will immediately reach your balance.

You should check first to see whether your online casino offers the solution for withdrawals, because, even though it offers the functionality, it is not always an option for cashouts.

Players do not trust it with withdrawals, since they cannot be really sure whether the transaction will succeed or not, as they cannot really check the mandatory data as operators can. That’s actually the reason why not that many operators bother to list it as an accepted withdrawal method. But, in case you do decide to use it, you will need to go through the same procedure, the other way around, by choosing it from the Withdrawal Methods section and entering the amount you wish to cash out.

Coverage and Restrictions

We already said that the solution is offered across the entire EEA area, where SEPA transfers actually work, therefore, you can rest assured that if you’re from an EEA country, you’ll be able to use it.

Some of these countries include Finland, Germany, Italy, Austria, Malta and Portugal. If you are a player from any of these countries, most of which offer legal online gambling, you are absolutely free to give the solution a try.

Fees and Additional Charges

Fees do apply when using the solution, but we cannot tell you exactly how high they can go, since they are set by the banks involved in the process.

Therefore, make sure you visit or call your bank to find out all about your options, to be able to make the decision whether or not to use it.

Accepted Currencies

It goes without saying, considering this is a solution that only functions through the SEPA network, that the euro is the only currency you’ll transact in with it.

Offered in the EEA countries only through the SEPA network, the solution cannot process transactions in any other currencies.

Customer Support

Considering this is a service your bank provides, if you ever need assistance, you will need to contact your bank’s Support agents. They will inform you of anything you need, so do not hesitate to give them a call.

However, in case you have some issues with your deposits/withdrawals, you should get in touch with your casino’s Support team first, to see whether there’s anything they could help you out with.

Conclusion

Although bearing an unusual name, ELV (Elektronisches Lastschriftverfahren) is actually a very popular payment method in Europe. As a player from an EEA country, make sure you give it a try, as the transaction will be processed through the standard banking system via the SEPA network. Therefore, the solution is perfectly safe to use and allows for seamless deposits and withdrawals in euros.

FAQs

How many online casinos offer ELV (Elektronisches Lastschriftverfahren)?

Although we cannot give you a precise number, you will certainly find at least three dozen online casinos licensed in some of the top European markets that offer the solution. Do your research and in no time, you'll find the right casino to join.

How do I know whether the solution is accepted for withdrawals at the casino I’m eyeing to join?

You must be able to find it listed on the Withdrawal Methods list, of course, in order to be able to use it. In case you cannot find it, double-check with the casino’s Support whether it is an option or not.

Are deposits with ELV (Elektronisches Lastschriftverfahren) reversible?

Yes, they are, actually. You can reverse your deposit within eight weeks, and you can even cancel it within this period of time. The money you booked will be credited back to your account, as requested.

Can I throw away the receipt for the mandate after I successfully transact with ELV (Elektronisches Lastschriftverfahren)?

No, actually, you must keep it for 13 months. Both the retailer and the customer are obliged, due to many security reasons, to keep the receipt for the direct debit mandate for over a year.

When depositing with it, how long does it take for the funds to land on my balance?

No matter the extensive research the operator needs to go through to run your data through scoring parameters and blacklists, as said, there’s a fixed timeframe for the transfer to arrive, and that’s no longer than one business day. Usually, the deposit is approved quickly, within a few hours, but rest assured that it won’t take longer than a day.