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ELV Elektronisches Lastschriftverfahren
ELV is exclusive to Germany and stands for Elektronisches Lastschriftverfahren, meaning "Electronic Debit Procedure". This payment method allows the consumer to authorize a receiving company to withdraw money directly from their bank account. 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. ELV is a popular payment method in German eCommerce because only one-third of the population uses traditional credit cards, and it is unpopular within this market to use credit cards over the Internet. ELV circumvents this problem by allowing German customers to use their bank accounts to transfer money electronically.
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All 20 ELV Elektronisches Lastschriftverfahren sites
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