This is a classic for frustrating new Magento ecommerce store owners. Sometimes the dreaded Paypal logo is there by default from install. Other times it seemed like a good idea to turn that insicent looking drop down during Paypal setup...but now you have this ugly old Paypal logo and no way of remembering where it was buried.
Here is our little quite tutorial about how to remove it.
Clear your caching and view your page Voilà the paypal logo is gone.