If an amount of money is payable, it has to be paid or it can be paid.
The money is not payable until January 31.
这钱要到1月31日才可支付。
If a cheque or money order is made payable to you, it has your name written on it to indicate that you are the person who will receive the money.
Make your cheque payable to 'Stanford Alumni Association'.
把支票开给“斯坦福校友会”。