Read this carefully, pay CLOSE attention to the first amendment.
“When providing us with content or posting content (in each case for publication, whether on- or off-line) using the Services, you grant the PayPal Group a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sublicensable (through multiple tiers) right to exercise any and all copyright, publicity, trademarks, database rights and intellectual property rights you have in the content, in any media known now or in the future. Further, to the fullest extent permitted under applicable law, you waive your moral rights and promise not to assert such rights against the PayPal Group, its sublicensees or assignees. You represent and warrant that none of the following infringe any intellectual property right: your provision of content to us, your posting of content using the Services, and the PayPal Group’s use of such content (including of works derived from it) in connection with the Services.”
I bolded the important bits. Basically, it means that if you use Paypal, and sell your art, your prose, your poetry, your videos, your music, it belongs to Paypal. They can use it however they see fit, without paying you, getting your permission, or crediting you and there won't be a thing you can do about it.
So to put that in DeviantArt terms, say that my friend, RobsonCarr published his Centerspace novels and accepted payments through a Paypal account, Paypal would own rights to his creation and there wouldn't be a damn thing he could do about it. I can't be the only one to see this as amoral. By staying with Paypal, you're giving one of the most recognizable online service permission to steal from you, and be protected by three sentences. It's literally three sentences and they take away your protection as an artist
There are other services you can use that perform the same as Paypal, without ridiculous statutes like this. Personally, I use Google Wallet, but there's others out there. This doesn't take effect until the 1st of July, so there's two months until you need to make the move. But do it ASAP, Paypal needs to know that they can't steal and call it good business.