Source : Webster's Revised Unabridged Dictionary (1913)

Paymaster \Pay"mas`ter\, n.
   One who pays; one who compensates, rewards, or requites;
   specifically, an officer or agent of a government, a
   corporation, or an employer, whose duty it is to pay
   salaries, wages, etc., and keep account of the same.

Source : WordNet®

paymaster
     n : a person in charge of paying wages