There are basically three options with this service. One can have a personal account or a business account or a premier account. All those people who have business and premier accounts can accept payments from customers who do not have accounts with Pay Pal. This facility though is not available to a personal account holder.
One can send money to any one in this world just with an email address. The payment made in such a fashion is very fast and secure too. Separate shopping cart, payment gateway, merchant payment, etc. are not needed as they are all embedded with Pay Pal already.
When we make payments or do transactions online, there are two things that we are really very insecure about. The first one is the quality of the product which would be received and the other most important thing is the security of the payments and the other financial information that have been given. With Pay Pal, all these insecurities will be thrown out of the window as the customer will be required only to provide their email addresses to the seller and not any other information. The merchant will never ever get to know the financial information of his customer if he is dealing with them through Pay Pal. All the transactions made with Pay Pal are hundred percent safe and secure and it also sends a confirmation mail to the concerned parties after the transaction has been made.
The setting up and processing costs with Pay Pal is also very cheap and it will not dig a hole in your pocket. There will be only certain percentage of amount known as commissions will be taken by Pay Pal and the rest of things like monthly charges or annual subscription fees will not exist on Pay Pal. Some of the other benefits of PayPal are easy to set up, integration with other payment processors, options of customizing one's account, etc.