What Is a Payee?
A payee is a person or organization that receives payment for goods and services. The payee is the recipient of funds from another party, such as an individual or business. Payees are typically identified by name on checks, money orders, and other forms of payment. In some cases, they may also be referred to as beneficiaries or creditors.
Payees can include individuals who receive payments for rent, utilities, medical bills, insurance premiums and more; businesses that accept payments for products and services; government agencies that collect taxes; banks that process loan repayments; charities receiving donations; and any other entity authorized to receive payments from others. It’s important to ensure you have the correct information when making a payment so it reaches its intended destination without delay or confusion.