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I use PayPal in my store. I haven't had any problems with them. But I have heard of people being locked out for whatever reason, (usually something suspicious that they don't allow you to do) freezing up large sums of money, so I always keep my balance low, just in case, altho it's never happened to me. I find it a very handy way to transfer funds to my bank account.
Some people say it's unprofessional looking and marks you as an amateur, but I am satisfied with the level of sales I get.
It's a good option for people who don't want to layout a large sum or be locked into a contract to process credit cards from one of the big well known processors, or don't have good enough credit to qualify to get credit card processing from their bank.
You can create payment buttons for specific products from within your PayPal interface (a good way to go if you only have a few products) or you can use their API to integrate it into many of the catalog systems, including some available for free thru Open Source. That's how I use it.
If you are going to do business on the internet, you MUST take credit cards or bank transfers somehow, as 90% of shoppers want to pay this way. PayPal is a very cheap way to enter that market and test whether your product is going to sell.
All the credit card processors take a percentage for their fee, unless you already have really stellar credit and do large volumes of sales, I think PayPal is about in line with most of them.
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