If you're trying to make money online, you should definitely setup a PayPal account.
The biggest reason for doing this is that some online companies only pay through PayPal. I believe PayPerPost operates in precisely this manner. Thus, if you don't have a PayPal account, you simply can't get paid by companies such as this.
Second, many companies offer expedited payments through PayPal. For example, Text Link Ads will send your payment via check or PayPal. As we all know, it takes time to cut checks and send them through the mail. However, PayPal provides instant payment. For Text Link Ads, this means you'll receive payment instantly on the first of every month. Cool, right?
PayPal provides a secure method to receive payments, assuming you take reasonable precautions. You should never click a link from an email to PayPal (or any other online account). This is a prime method of phishing. If you choose a secure PayPal password, protect it appropriately, and monitor your bank account, everything will be fine. Plus, you'll get your payments quicker.
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