What is the definition of a payor?

What is the definition of 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]

Is payor the borrower?

In the real estate industry, however, the Note invariably is “a written promise to pay a debt”. In this article, references to the “Note” are based on a Note generated under California laws. The “Payor” is the person who is paying the money (or Borrower) The “Payee” is the person who is getting the payment (or Lender)

What is the difference between a payer and recipient?

#2 Business Transactions When a commercial entity pays for a purchase or provides a payment in a transaction, the business is known as a payer (or payor), while the other recipient party is known as a payee.

What is another word for payer?

n. drawee, tither, renter, taxpayer, tenant, paymaster.

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.

What is a payor in insurance?

A 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.

What is the meaning of payer in accounting?

A payer is the person or business responsible for making a payment to a payee. The concept can refer to the payment for any transaction, such as for goods, services, loans, and dividends.

Who is the payer on 1099?

If payment for services you provided is listed on Form 1099-NEC, Nonemployee Compensation, the payer is treating you as a self-employed worker, also referred to as an independent contractor. You don’t necessarily have to have a business for payments for your services to be reported on Form 1099-NEC.

Who is called a payee?

Legal Definition of payee : a person to whom money is to be or has been paid specifically : the person named in a bill of exchange, note, or check as the one to whom the amount is directed to be paid — compare drawee, drawer.

What is the difference between payor and payee?

As nouns the difference between payee and payor. is that payee is one to whom money is paid while payor is (healthcare|medical insurance) the maker of a payment.

What is the difference between a payor and a payer?

Payer is an alternative form of payor. Payor is an alternative form of payer. As nouns the difference between payor and payer. is that payor is (healthcare|medical insurance) the maker of a payment while payer is one who pays; specifically, the person by whom a bill or note has been, or should be, paid.

What is payer, or payor?

“Payor” and “payer” are interchangeable spellings of the word for a person or organization that pays for some kind of goods or services. “Payer” is used most often, while “payor” is a less common variation.

What are the differences between payee and payer?

Payee is an antonym of payer. As nouns the difference between payee and payer is that payee is one to whom money is paid while payer is one who pays; specifically, the person by whom a bill or note has been, or should be, paid. Other Comparisons: What’s the difference?