"Paid" is the word you will use more often.
Examples with paid
Let's suppose you have an audio that says:
"All the bills are paid, there's no more due to pay"
You should transcribe:
- [00:00:00] All the bills are paid, there's no more due to pay. ✓
It would be incorrect:
- [00:00:00] All the bills are payed, there's no more due to pay. X
Examples with Payed
Let's suppose you have an audio that says:
" The captain payed out new ropes for the ships".
You should transcribe:
- [00:00:00] The captain payed out new ropes for the ships. ✓
Since the context is nautical, it would be correct to transcribe the word "payed."