According to TheFreeDictionary.com, the term "payor" is a legal term that refers to one who must make payment on a promissory note. The word "payer" is also used to describe the same function.
The terms payor and payer are both nouns that refer to someone who pays a bill or is the responsible party for some type of financial obligation. While the words have the same meaning, payor is a less common variant. Tho...
A depository bank is a bank that stores assets or securities for clients at its location and facilitates the exchange of securities. A depository bank can also serve as both a payor and collection bank.
It may take a check a few business days to clear, depending upon how long it takes the payee to deposit the check and how long it takes the payor's bank to process and remove the funds from the account. A check is consid...
While no one knows for certain how the term Dixie came to represent the South, theories include that it is derived from the name of a relatively kind slave owner named Dix or from the word Dix, which at one time referred...
A bill of exchange is a three-party, non-interest, written order that is created by the first party, the drawer, and it presents an order for the second party, or the payor, to make a sum payment to a third-party, the pa...
A debit note is issued when an account is debited and no invoice or cash receipt is issued. The debit note is a document that shows the reason for the debit entry in the account.