Member administration?

Hi all

I have a popular website and I sell PDF magazines to my visitors. I am currently using Joomla, but I use WordPress on my blog and it seems really good. Therefore I am considering to change from Joomla to WP on my business site.

Since I only want the paying members to have access to the magazines and other benefits when logged in, I need to have the option of approving and declining new user accounts, something that is easy in Joomla. Is this also possible in WordPress? I dont see any option for this in my blog, and I have yet to find a plugin for this.

Any tips will be much appreciated. Thank you.