Payer and payor refer to the same party member, the person paying money and the one making the payment. The two words have the same meaning. They, however, draw a slight difference in their spelling and, more often than not, in the context in which they are applied. Payor is often ...
In any financial transaction, there are always two key entities: the Payee and the Payor. The Payee is the entity that receives the funds. This could be an individual, business, or other organization. On the other hand, the Payor is the entity that provides or releases the funds, essential...