What are payers and payors?
Secondly, the terms creditor and debtor are used interchangeably to refer to either the person or party responsible for owing money. In a financial transaction, creditors are often interested in collecting money owed to them by debtors.
In this context, both the payer and the payee are responsible for the paying end of the party or the party having financial responsibility to fulfill a legal obligation to hold services.
Know the difference between payors and payers
The word “payer” is used to refer to the one who pays in a financial transaction.
Payer is the word most commonly used when referring to someone who pays something or payable to a financial party. ..
Thepayer is the correct word because it is the most common.
If you want to look into a visual instance, consider two mailboxes with the word “payer” written across the font on both boxes. The first box is filled with money, and the second box is empty.
A payer is entitled to pay the party using anything, be it cash or credit, and is not abided by any compulsion to pay by cash whereas this is not the case for a payor and he is always obliged to pay by cash.
The etymology of both the words, payer, and payor
The payor is a word that comes from the 13th century and is derived from the Latin word for “paid”. The root word is called “pay” which describes something that has been paid or is entitled to pay.
The word payer was first used in the 15th century. It comes from the word “pay” which is attached with a suffix “or” that adds a touch of professionalism and official air to the word. The original use of payer was to add a tinge of professionalism and official air to words such as “pay” and “bill.”
In medical and health care fields, the word “payer” is used as a noun that refers to a contributor to financial services and a sponsor who is not always under compulsion to pay immediately.
A person who is completely entitled to pay for the services they have rendered is called a “payer.” Both the words “payor” and “payer” serve as agent nouns that are formed from the verb “to pay.” However, suffixes such as ‘or’ or ’er’ cannot be simply added to it to make a noun. ..
Certain rules govern the use of the suffix “or” when forming professional nouns. The choice of adding “or” or “er” is always unstable and complies with the erratic decision.
The “or” version of a word is usually preferred in writing, but when there is no implication of professional writing and writing from a formal perspective, the “er” version is preferred. ..
Conclusion
The word “payer” is used interchangeably with the word “payor” in English. The two words are used to refer to the same thing - someone who makes a payment and is entitled to a legal obligation of making a payment. In general, both words are similar, but “payer” is more commonly used because it carries less weight in English grammar.
