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Payee

   Also found in: Dictionary/thesaurus, Medical, Legal, Wikipedia 0.01 sec.
Payee
A person receiving payment through any form of money transfer method.

Payee
The person or institution that receives a payment. For example, if Joe writes Bob a check for $10, Bob is the payee. He receives the check and may deposit the $10 at his bank or he may elect to take cash from either his bank or Joe's. One may be a payee on a check, wire transfer, or in any other method of sending money from one party to another.


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The payee receives a mail notification via their DOCOMO mobile phone and is given the option of depositing the money in a domestic bank account or having the amount credited to their monthly DOCOMO phone bill.
In a payment card transaction, the payee may also be referred to as the merchant or seller.
Payers may presume a payee is domestic if the payee provides a U.
 
 
 
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