Just got my credit card bill through, which shows a live transaction I did while testing the PayPal vendor. For the curious, here’s what it looks like to the customer if they pay with a credit card:
To get it to show a meaningful store name, you need to set it with PayPal. Go to “Profile” (under “My Account”), then “Payment Receiving Preferences” under “Selling Preferences”, and finally look for “Credit Card Statement Name” at the bottom of the page.