Paypal is a excellent way to pay and receive money online. Paypal facility is free and anyone can make an account with paypal to do so. There are three categories in accounts Basic account, Merchant account and Business account. If you're going to use paypal only for paying and receiving money online then you should make a basic account. If your purpose is doing activities like getting payment through your website for your service or stuff then you should try merchant account by adding a paypal payment gateway in your website. Business account is for all the business activities online like buying, selling, making payment, transacting large amounts, taking donations etc.