Paypal basic and Paypal premium....what is the difference?

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I just want to know what is the difference between paypal basic and paypal premium.I think, for paypal premium registration we need to pay something....isn't it? we need an paypal account to transfer money from my lot to paypal and mylot has said that it is better to have premium paypal account than basic paypal account...why is that?..anyone here to clear my doubts please?