Is the payee the recipient?

Is the payee the recipient?

A payee is a person or organization that receives payment for goods or services. For online payments, you provide payee (or recipient) information when setting up automatic transfers.

What is an example of a payee?

The definition of a payee is the person to whom money is being paid. An example of payee is the name of the grocery store written on the check. One to whom money is paid. Any person to whom a debt is to be paid; one to whose order a check or other negotiable instrument is made out.

What is opposite of payee?

▲ Opposite of one to whom money is paid. payer. giver. benefactor.

What’s another word for payee?

In this page you can discover 9 synonyms, antonyms, idiomatic expressions, and related words for payee, like: recipient, seller, remitter, receiver, wage-earner, laborer, worker, registrant and cardholder.

What is the difference between a payee and a payor?

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.

What is a payor?

Payor is used interchangeably with “payer”. The person making the payment, satisfying the claim, or settling a financial obligation. For example, the person writing a check is the payor, or an employer paying their worker is the payor. [Last updated in August of 2020 by the Wex Definitions Team]

What is the difference between payer and payee?

A payee is a party in an exchange of goods or services who receives payment. The payer receives goods or services in return. The name of the payee is included in the bill of exchange and it usually refers to a natural person or an entity such as a business, trust, or custodian.

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