Payor

Definition

• The individual or entity that makes a payment to another. In a financial transaction, the one making the payment is known as the payor (or payer) and the one receiving the payment is known as the payee.

Synonyms
cheque payor

Alternate Spellings
payee, payer

Related Terms and Acronyms

• Assignee — Definition,
  • In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
  • A person appointed to acquire (take) an item, such as a property.
• Cheque (CK) — Acronym,
  • A written order for payment of a certain amount of money.
  ➥ Bank account transaction code.
• Cheque Clearing — Definition,
  • When you write a cheque to a person or a company, the cheque is typically cashed when deposited into a bank account. Your chequing account is then debited for the amount of the cheque and the cheque is said to have "cleared."
• Cheque Register — Definition,
  • A book or log where you can record the details of every transaction made in your chequing account.
• Endorse — Definition,
  • To sign the back of a cheque in order to cash it.
• Insufficient Funds (ISF) — Acronym,
  • When funds are not enough to satisfy the payment of a cheque or draft made on that account; also known as non-sufficient funds (NSF).
• Mortgagee — Definition, Important,
  • The lender in a mortgage transaction.
• Mortgagor — Definition,
  • The borrower in a mortgage transaction.
• NSF Cheque — Definition,
  • If a cheque is returned for this reason, it means that there was not enough money in your bank account to cover the amount of the cheque. There is a fee to you if this situation occurs.
• Payee — Definition,
  • The name of the person to whom the money in a cheque is to go.
• Personalized Cheque — Definition,
  • A cheque which has your name and account number printed on it.