Definition, Meaning & Synonyms
payor
noun
/ˈpeɪ.ɔːr/
Definition
A payor is an individual or entity that makes a payment, typically for services rendered or goods purchased.
Examples
- The insurance company is the primary payor for the medical services rendered.
- As a payor, you are responsible for settling your account in a timely manner.
- Many businesses appreciate having payors who are prompt with their payments.
Meaning
The term refers to anyone who is responsible for paying a bill, such as a client, patient, or policyholder.
Synonyms
- payer
- settlor
- remitter
