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They left out the 'Paypal might hold all your funds and make it a pain to get them back' fee.

This is true even if you have your own Merchant Account. Though, if you have your own merchant account, your rep is probably more accessible.

While people like to blast PayPal, they all to often forget that merchant accounts are controlled by banks who can be even more uncaring.

Banks are regulated. PayPal isn't. Presumably that's worth something.

Not entirely true, Paypal is treated as a bank in Europe and is regulated as such. I believe the only place it isn't is America.

Only so much, and depending on the region you are in. Not all banking regulations are the same. Think outside the US.