Yes, PAYBACKS is a Scrabble word!

Letter values in Scrabble US: P 3, A 1, Y 4, B 3, A 1, C 3, K 5, S 1.

Is it a valid word?

PAYBACKS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

financial return or reward (especially returns equal to the initial investment)
the act of taking revenge (harming someone in retaliation for something harmful that they have done) especially in the next life; I will repay, saith the Lord"--Romans 12:19