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Yes that is possible, what we are offering are subscription plans, which means you will be billed monthly or yearly basis. So if you purchase an Economy Plan you can then just cancel it before it expires. Let's say you purchase it today February 15, you can then cancel it before March 15 so that you will not be billed on the next month, you will only be billed once.
Please note that when upgrading a subscription plan make sure that you are logged in to avoid problems, you can upgrade by visiting the Billing section of your account setting.