Definition of "payer"
  1. An entity, usually a bank in case of letters of credit, that is obligated to make a payment as shown by the relevant document
How to use "payer" in a sentence
  1. The payer for the new car was the local bank, as per the car loan agreement.
  2. In cases of letters of credit, the issuing bank becomes the payer.
  3. It's important for a business to keep track of all the transactions with the payer.

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