Couple thoughts to toss out:
What you have is mind is fairly easy, just some additional things to be aware of:
You should have either a Premier or Business Account so folks can use their credit cards. If you go with a Premier Account, it will use your name, a Business Account can use a Company or Group name.
Keep in mind, fees will be applied to the transactions. Funds received will go to your PayPal Account balance. From there, you would have to manually transfer them to your bank account, it's not an automatic feature.
To receive the funds, you can either email a money request or invoice to each member or if you have a web page, post the button coder there. If using a web page, depending on the what functions you need, a basic Buy Now created by the online button creator will work. If you need additional functions, choices, options, fill in the amount, etc., then the item button code must manually coded.
