As Pending order status exist, you need also to rename the existing "Pending" status. If not you will get 2 different statuses with the same "Pending" label.
First to rename those order statuses:
add_filter( 'wc_order_statuses', 'rename_order_statuses', 20, 1 );
function rename_order_statuses( $order_statuses ) {
$order_statuses['wc-completed'] = _x( 'Order Received', 'Order status', 'woocommerce' );
$order_statuses['wc-processing'] = _x( 'Paid', 'Order status', 'woocommerce' );
$order_statuses['wc-on-hold'] = _x( 'Pending', 'Order status', 'woocommerce' );
$order_statuses['wc-pending'] = _x( 'Waiting', 'Order status', 'woocommerce' );
return $order_statuses;
}
And Also in the bulk edit order list dropdown:
add_filter( 'bulk_actions-edit-shop_order', 'custom_dropdown_bulk_actions_shop_order', 20, 1 );
function custom_dropdown_bulk_actions_shop_order( $actions ) {
$actions['mark_processing'] = __( 'Mark paid', 'woocommerce' );
$actions['mark_on-hold'] = __( 'Mark pending', 'woocommerce' );
$actions['mark_completed'] = __( 'Mark order received', 'woocommerce' );
return $actions;
}

And also this is needed (for the top menu):
foreach( array( 'post', 'shop_order' ) as $hook )
add_filter( "views_edit-$hook", 'shop_order_modified_views' );
function shop_order_modified_views( $views ){
if( isset( $views['wc-completed'] ) )
$views['wc-completed'] = str_replace( 'Completed', __( 'Order Received', 'woocommerce'), $views['wc-completed'] );
if( isset( $views['wc-processing'] ) )
$views['wc-processing'] = str_replace( 'Processing', __( 'Paid', 'woocommerce'), $views['wc-processing'] );
if( isset( $views['wc-on-hold'] ) )
$views['wc-on-hold'] = str_replace( 'On hold', __( 'Pending', 'woocommerce'), $views['wc-on-hold'] );
if( isset( $views['wc-pending'] ) )
$views['wc-pending'] = str_replace( 'Pending', __( 'Stucked', 'woocommerce'), $views['wc-pending'] );
return $views;
}
(Thanks to brasofilo : Change WP admin post status filter for custom post type)

Code goes in function.php file of your active child theme (or active theme). Tested and works.
Since Woocommerce 3.3 to handle the preview popup (eye symbol) in admin order list:
Replace order status names everywhere incl. Woocommerce admin order preview