What is a payor?
Legal Definition of payor : a person who pays specifically : the person by whom a note or bill has been or should be paid..
What’s another word for payee?
In this page you can discover 9 synonyms, antonyms, idiomatic expressions, and related words for payee, like: seller, recipient, receiver, wage-earner, laborer, worker, remitter, registrant and cardholder.
Is it spelled payer or payor?
There is some conflict regarding the use of “payer” versus “payor.” Though both spellings are used interchangeably, “payor” is the usage preferred by the American Medical Association (AMA), and the most widely searched on Google.
Who is the payer and payee?
Understanding Payee In the case of a promissory note, through which one party promises to pay another party a predetermined sum, the party receiving the payment is known as the payee. The party making the payment is known as the payer.
Is payer a word?
payer n. One who pays; specifically, the person by whom a bill or note has been, or should be, paid. payer n.
Is payor different?
The payee is the person who receives money from the payor. The payor is the person who pays the money to the payee. In some situations, such as when writing a check to yourself, the payee and payor can be the same person.
Does a payee get paid?
Are Representative Payees Paid? Individual representative payees cannot collect a fee for services provided to the beneficiary. If you are the legal guardian of the beneficiary, however, you may be able to collect a guardian fee if the court has authorized it.
Who is called drawer?
Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. … The bank that cashes your check is the drawee, your employer who wrote the check is the drawer, and you are the payee.
What does payor mean in health insurance?
payerA payer, or sometimes payor, is a company that pays for an administered medical service. An insurance company is the most common type of payer. A payer is responsible for processing patient eligibility, enrollment, claims, and payment.