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Hi there,
The gateway “PayPal” is the new PayPal Commerce gateway that you can consider the latest PayPal integration.
The Standard one is what we used to have before and is now considered legacy. We recommend using the new PayPal Commerce as it no longer uses the IPN system but instead it’s using Webhooks which are more reliable than the old IPN notifications.
It is also what PayPal recommends in terms of integration for their services of taking payments. You can also offer more payment options like Pay in installments and others.