What does the email mean?

I received an email today regarding my account, and would like to know what the email means? Will my forms on all platform (facebook) be disabled? Please explain and advise on what needs to happen moving forward? On the upgrades, what does monthly payments mean? Can I pay for the service monthly or does it have to paid yearly?

I believe you're referring to the email we have sent you about reaching your payment submission limit per month. Here's a screenshot:

For the free account, you can only receive 1 payment submission. Upon checking your account usage, you already have 2 payment submissions and that is the reason why you receive an email. Your forms will be disabled on Thursday at 12 pm EST unless you upgrade your account or wait for the monthly limit reset which happens every first day of the month. 

You can subscribe to monthly, yearly, or bi-yearly. To upgrade your account, please follow this guide: https://www.jotform.com/help/331-How-to-Upgrade-My-Account

Did I answer all your question properly? If no, please let us know. Thank you.