[pey-mas-ter, -mah-ster]
a person authorized by a company, government, etc., to pay out wages or salaries, especially in the military.

1540–50; pay1 + master

paymastership, noun Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
paymaster (ˈpeɪˌmɑːstə)
an official of a government, business, etc, responsible for the payment of wages and salaries

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
The four remaining players compete for the final paymaster position in the
  scariest challenge yet.
The film business is a notoriously fickle paymaster.
However awkward it is to have squabbling interest groups, a single, biased
  paymaster is worse.
If your paymaster is at risk you will argue for an increase in its funding.
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