Players from many European countries are free to enjoy their time across licensed online casinos, and those from the EEA area are enjoying fast and safe deposits and withdrawals with ELV (Elektronisches Lastschriftverfahren). As you probably assumed, this is a German solution that translates to electronic direct debit, allowing players to make easy and secure transactions to and from online casinos. It functions through the SEPA network, and that's why it is not only limited to German players but also to players from all countries in the EEA area. So, if one, continue reading to find out all about it to eventually start using it as your chosen payment method at an online casino. What is ELV (Elektronisches Lastschriftverfahren) and why decide to use it across European online casinos?
About ELV (Elektronisches Lastschriftverfahren)
The ELV (Elektronisches Lastschriftverfahren), translated to electronic direct debit, is a payment solution offered across the EEA (European Economic Area) area, functioning through the SEPA (Single Euro Payments Area) network. It is usually used in retail, where the customer gives the retailer their valid bank card and a direct debit authorization by signing the receipt in order to create the direct debit order. This process, of course, goes offline, and no PIN is required, and that’s why it is limited to offline use only. However, in recent years, due to users’ demand, it has gone online, too, and that’s how it got its way into the online gambling industry.
The offline process goes like this: the customer gets to the retail store, provides their debit card, and the retailer swipes the card through a point-of-sale-terminal, which using the magnetic strip, reads the customer’s BIC and IBAN. A SEPA direct debit order is then created and the customer signs the printed receipt, giving a direct debit authorization so-called mandate for the amount due. Both the customer and the retailer get a receipt and are obliged to keep it for further reference. The transfer of money goes through the SEPA network and the duration of the transfer is fixed and cannot take longer than one business day.
Now, for SEPA direct debit transfers within the EEA area, it is mandatory for the following data to be shared: BIC, IBAN, mandate reference, creditor ID, purpose of use, and date. That's how the solution managed to get offered online and got safer, too. Upon transacting with it, you provide the mandatory data, which is compared with scoring parameters and nationwide blacklists, so if the direct debit is outstanding or the card is blocked, the transaction will be rejected. Since you’re requesting a cashless transaction where the casino is allowed to collect a claim based on a mandate you’ve given them, which is done by crediting their account and subsequently debiting your account using book money transfer, your bank account and card must be vetted prior for the transaction to be completed.
Considering is a well-functioning and respected payment solution in Europe, it is no surprise it has managed to get its way across the online gambling industry. And considering many European countries are offering legal online gambling, plenty of casinosoffer the solution to players for their deposits and withdrawals. So, stay with us to learn the exact steps you need to take to get started with it, as we'll guide you through them in the next section.
Getting Started with It
You’ve probably gathered by now the conditions you need to meet in order to start using ELV (Elektronisches Lastschriftverfahren), as these are quite straightforward. The first one is to be a citizen of a European country, a country in the EEA area. The second one is to have an active bank account, and the third one is to have avalid bank-issued card. As long as you’re meeting these three conditions, you may proceed. Even if you’re only meeting the first condition, there’s still time for you to open a bank account and apply for a card, to still become eligible to use it. Any European bank would do, so if you, for instance, select Bundesbank, you’ll certainly get the best experience with the solution.
Either way, you’d need to go to your bank and request the desk clerk to provide you with the mandatory data, BIC, and IBAN (the operator should do the same, plus ask for the creditor ID). This data is stored on your card, via the magnetic strip, however, since you’ll be using the solution for online transactions, you’d need to have it printed out and ready to be replicated upon transacting in the required fields. Now we’re talking about the actual depositing procedure with the solution. After you select the solution from the Banking page at your chosen casino, you’d need to enter the amount you wish to deposit, but then provide your BIC and IBAN for the casino to be able to run them through the blacklists and compare the scoring parameters. The funds are checked immediately that way, and the transaction is duly approved or rejected.
That’s basically all you have to do to make a deposit with ELV (Elektronisches Lastschriftverfahren), but let’s see next what you’d need to do, step-by-step, from the minute you decide to use it to the moment you successfully deposit with it.
How to Deposit at Online Casinos with ELV (Elektronisches Lastschriftverfahren)?
You will certainly find ELV (Elektronisches Lastschriftverfahren) across many European casinos, you just have to search for the most perfect site to join. Considering many European countries offer legal gambling, hundreds of licensed sites are at your disposal to check out, many of which will offer the solution for deposits. So, find a few candidates and check their offerings, to select the site that certainly offers everything you look for in a casino.
After you’ve selected the casino to join, register a player account with it. From here, to make a deposit with ELV (Elektronisches Lastschriftverfahren), do the following:
Log into your registered player profile and find the Cashier/Banking page.
Look for the ELV (Elektronisches Lastschriftverfahren) logo in the Deposits section.
Select it and in the pop-up, enter the amount you wish to deposit, your card number, your BIC, and IBAN.
Wait for the casino to approve your request (after it checks out your card) and in no time, the funds will arrive on your casino balance.
How to Withdraw Winnings with It?
While ELV (Elektronisches Lastschriftverfahren) works both ways, of course, considering it is a solution that runs through the banking and SEPA systems, it is not always offered for withdrawals.
What happens is that players are the ones that avoid using it, in fear of getting their winnings lost in translation. Players cannot really be certain whether the transaction will succeed on the spot, and that's why they prefer using other solutions for cashouts. That's the reason why many operators do not even bother to list it as an accepted withdrawal method and why you won't find it across that many sites for withdrawals.
Fees and Limits
Some fees will apply for online electronic direct debit transactions, but these would largely depend on the banks involved, the hours in which you requested the transaction, the amount sent, and other factors.
You would need to get in touch with your bank to see your options and decide whether you'd want to pay the fees required before you actually make the transaction.
Allowed Countries
ELV (Elektronisches Lastschriftverfahren) may bear a German name, but it is a solution offered all across Europe, in all EEA countries where SEPA transfers can be made.
It is offered bar Switzerland, in the EFTA countries, too, meaning Iceland, Liechtenstein, and Norway. As you can see, most of these are legal online gambling jurisdictions, therefore, if a player from any of these countries, you’ll certainly be able to use it.
Accepted Currencies
The eurois the only currency you’ll be able to use when transacting with ELV (Elektronisches Lastschriftverfahren), but that must have been clear to you since the moment we mentioned SEPA.
This is a solution offered in Europe only, where the euro is the predominant official currency, and it functions through the standard banking and SEPA networks, therefore, you won’t be able to use a different currency when using it across online casinos.
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How long should I keep the receipt for direct debit mandates when using ELV (Elektronisches Lastschriftverfahren) offline?
Due to many reasons, the receipt for direct debit mandates must be kept in a safe place for 13 months, by both the customer and the retailer.
Can I reverse a deposit I made with ELV (Elektronisches Lastschriftverfahren)?
Yes, actually, you can, within eight weeks. You are allowed to cancel the payment within this period of time and have the money you already booked credited to your bank account.
Will I find the solution across many online casinos?
Yes, indeed. Considering this is a well-respected, long-functioning, and popular payment solution across European countries for years, it has managed to get its way into the online gambling industry. You may not find it across thousands of sites, but there certainly will be a decent number of casinos to explore to find the one you'd like to join.
How do I know whether ELV (Elektronisches Lastschriftverfahren) is an option for withdrawals at the casino I want to join?
The only way to know for sure is to check, of course. To do that, first, check the casino's homepage and see whether, at the bottom of the page, the logos of the accepted payment methods are displayed. If not, look for the Cashier/Banking page and a section that reads Withdrawals. If its logo is not available there, the solution is not an option for cashouts. Another option is to contact Customer Support at your chosen casino and ask first-hand whether the solution is an accepted withdrawal method or not.
How long will it take for my funds to reach my casino balance upon deposits with the solution?
We already mentioned that the online version allows operators to quickly run your data through the blacklists and scoring parameters, to check whether you have enough money to deposit, and approve your deposit. And that usually happens really quickly, so in a few hours you should have the funds available in your casino balance, to start using them as you wish.
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