Is there a difference between payer and payor?

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No substantial difference exists between payer and payor—both refer to someone who pays money. However, "payer" is the more commonly accepted spelling in modern English, especially in business and personal finance. "Payor" is an alternative form sometimes used in legal and healthcare contexts. It’s often a matter of style and industry preference. Whether you write "payer" or "payor," both signify the party that gives payment to a recipient, often referred to as the payee.
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