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1.
An individual who uses his/her money and material posessions to gain companionship. A Paymaster is often unattractive or older, and has difficulty maintaining meaningful relationships.
When you see a young, beautiful woman with an old, broke down man there's a good chance he is paying her bills, buying her clothes, wining and dining her, and NOT getting any sex! This poor man would be considered a PAYMASTER.

"She is way too pretty for him; dude must be a Paymaster!"
by Tia B. May 02, 2006
 
2.
Someone (usually a male) that takes out the ladies, buys them dinner, drinks, and anything else they want only for her to leave him and go home with someone else.
That girl isn't interested in him, he's a pay master.
by joey f August 11, 2005
 
3.
An individual or group (e.g. corporation) who has ultimate control over distribution of a particular resource.
Those paymasters keep on harassing me for payment on medical services I didn't request or even need!

Who knew that private online university would be such a paymaster with my federal financial aid!
by jamin220 September 02, 2010