Re: "... a racket that extorts fees from good companies..."
"Yes, you can still lose out via PayPal, but it's pretty rare."
Back in the days when Google gave us a hit count, a search on "PayPal Sucks" generated a truly impressive number of hits. Anyway, in the US where I live, PayPal operates as a largely unregulated bank. My dear old mother was a fan of "Trust But Regulate" Overall, I have to think that entrusting financial details to an unregulated bank may not be prudent. Not to mention that PayPal is almost certainly very high on the list of hacker targets.
Things may be better in the EU where I believe PayPal operates as a real, regulated bank.