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 term "payor," or "payer," derives from the Latin word "pac?re," which meant to pacify. In addition to being used as noun, "payor" can also be used as a verb to denote one is paying for something, such as a fine or service, or to note that one "pays for something" in metaphorical terms. The antonym of "payor" is "payee," which means "one to whom money is paid."Learn More
The types of electronic payment systems are one-time customer-to-vendor payments, recurring customer-to-vendor payments, and automatic bank-to-vendor payments. An electronic payment is a non-cash payment, not including physical checks, such as credit cards, debit cards, and the Automated Clearing House network.Full Answer >
Online bill payment uses the electronic transfer of funds to pay bills without having to write a check or mail a voucher. Companies may make online payment options available to their customers. Alternatively, a bank or another third party may be set up to pay a variety of bills.Full Answer >
According to AccountingTools, common payment terms include one or more of the following components: net, discount and end of month. Payment terms are rules a supplier or seller imposes on a buyer.Full Answer >
Typical excuses for making a late payment include forgetting to make the payment, waiting to receive payment from a client or employer, not having the money to pay and not having anyone present to prepare or authorize a payment. The infamous "check's in the mail" excuse attempts to place the blame for the late payment onto the mail service.Full Answer >