How and when you get paid depends on the payment option/s and country you chose for your campaign - this should be a country where you have a bank account. Note that on Chuffed.org you get to keep your funds even if you don't hit your target.
(1) "Rolling 7-day cycle" means that all funds received on one day are transferred as a lump sum in 7 days time. If this is too frequent, you can choose fortnightly or monthly payments by logging into Stripe.com, and clicking on 'Account Setting' then 'Transfers'.
(2) To receive PayPal donations, you must have a Business or Premier PayPal account. You can not use your personal (buyer) PayPal account. You can sign up to a PayPal account at www.paypal.com.