What Is the Meaning of Payee?

Answer

Payee is a name that is mainly used in accounts. It is used to refer to a person whom money is paid to. The payee is named on a check or promissory note to receive payment, which means that he or she is the only person whom the cheque is made payable.
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Ask.com Answer for: what is the meaning of payee
pay·ee
[pey-ee]
NOUN
1.
a person to whom a check, money, etc., is payable.
Source: Dictionary.com
Payee is a term that is mostly used in business to mean the individual or organisation that receives payment via the different forms of money transfer. These forms include cash, cheques, money orders, or promissory notes.
A Payee means the recipient of a Payment Instruction. Payee details include the name and account number to be credited. Types of payee include Common Payee, BankNet 3rd Party Payee, Wire Transfer Payee and Group Payee.
A payee is a person to whom money is paid. It may also refer to a financial institution or business to whom you make some kind of payment to. These kind of payments can be paid by check, cash or credit card.
A payee is a person to whom money is paid or will be paid in future especially for provision of a service. The term may legally refer to a company or an individual. For example according to the Construction Act 1996, expects that the payer will issue the payee with a notice for every payment, failure to which the payee has the right to suspend the contract.
In any business transaction, the person receiving payment is referred to as the payee. In an instance such as that of a promissory note, the person to whom payment should go is called the payee, and the person making the payment is called the payer. Such transactions often involve cash at hand or credit advances.
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