I knew the piercer quite well (this guy from England who has been piercing for 30+ years) so I only had to pay for the jewelery ($40). I think it's roughly around $80 - 100 CAD though. Obviously get it done somewhere reputable and clean, use only surgical stainless steel jewelery, and get it done by someone who has experience doing PA and genital piercings (ask to see a portfolio).
As for pain, I think it varies. I felt a little pinch when the needle went in, then almost no pain for the week or two it took to heal. I had to wear a condom for the first two days because it did bleed, but not very much. I say
almost no pain because I woke up at 3am the night I had it done with a raging hard-on and it felt bruised - like I had been punched there. I didn't know what to do... I wanted to jerk off to get rid of the hard-on, but I was worried that might damage something (I was told no 'sex' for at least 4 weeks... I lasted 2), so I ended up just curled in the fetal position for 10 minutes thinking of grandma in a bikini. Other than that, it was smooth sailing. On the other hand, I've met people who said it felt like they were pissing shards of broken glass for a week after getting it done, so your mileage may vary.
One word of advice - don't get it done for the sole purpose of enhancing intercourse. Others swear that they and/or their partner notice a difference, but I've noticed nothing. The piercing for increased pleasure is the ampallang, but I don't have the balls to get something that requires such a serious recovery time down there. PA is nothing: it's healed in a week or less, there's almost zero chance of infection, and aftercare is minimal (your urine sterilizes it).
All in all I'd recommend it if you're interested. It's the only piercing that I've kept (and over the years I've had just about everything pierced at one time or another) and I have no intention to take it out. Actually, I did take it out once two years ago for a couple of days and it freaked me out so much that I put it back in... whenever I went for a piss it looked like
somebody else's...