VBA Formula If: WorksheetFunction, Formula, or R1C1?

First post so please bear with me. I'm sure this has been asked before but I couldn't find any solution.

I'm trying to get either of these "If" formulas to work in VBA:

ActiveCell.Value = Application.WorksheetFunction.If(ActiveCell.Offset(0, 2)> 0, "RECEIVES", "PAYS") 

ActiveCell.Formula = "= If(ActiveCell.Offset(0, 2) > 0, ""RECEIVES"", ""PAYS"")"

The first gives me error code 438, the second a "#NAME?" error as it displays the "Range..." text in the formula.

Using the macro recorder gives me this:

ActiveCell.FormulaR1C1 = "=IF(RC[2]>0,""RECEIVES"",""PAYS"")"

I know the (desired) dfference between the first two, but what am I doing wrong?

Thank you!