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Josh K.I have a personal paypal account that I use for both selling and buying. Other than not being able to accept credit cards, I am unaware of any restrictions on accepting payment. In addition:
1. There are no fees charged for accepting payments when you have a personal account - however, as mentioned, you cant accept credit cards.
2. There is not way to designate your account as personal when you state that you accept paypal. What I have done (and most people with personal accounts) is state in the auction description and/or payment/shipping instructions is that I do not accept credit card payments through paypal, only transfers from a bank account (put it in bold or all caps). Every once and a while, s/o still makes a payment with a credit card. You will be asked to either (1) upgrade your account to accept the payment (and the fee that paypal charges); or (2) deny the payment. I usually email the buyer and explain that I dont take cc's and ask that they either send a check or make a bank transfer via paypal. I also tell them that once I hear back from them, I will cancel their payment. This has always worked out fine for me.
As far as the other problems with paypal, Ive been lucky and havent had a problem so far.