What term describes a person receiving payment?

The term that describes a person receiving payment is "payee." In financial contexts, the payee is the individual or entity that is designated to receive funds or payment from another party, known as the payer. This is commonly seen in various transactions such as checks, invoices, or contracts where one party owes money to another.

The role of the payee is critical in ensuring that payments are processed correctly and that the proper individuals or organizations receive the intended funds. Understanding this concept is essential in healthcare and other areas where financial transactions occur frequently, as accurate identification of payees is crucial for accounting, billing, and records management.

In contrast, the other options refer to different roles in financial transactions. "Payer" typically refers to the person or organization making the payment, while "payor" is an alternate spelling for payer, often used in insurance contexts. "Beneficiary" denotes a person who benefits from something, often in relation to insurance policies or trusts, but does not specifically denote receiving payment in a transaction sense. Therefore, "payee" distinctly captures the concept of a recipient of payment.