Can I collect payment info and then delete the info once I have it as to not store in on the form or it that not acceptable?

It is against our Terms of use to create forms that are collecting credit card information on plain text fields. 

Card number, expiration date, security codes and card holder name are considered critical information and cannot be collected on plain text fields. The only services allowed to collect such data are those that are DSS/PCI certified.

If you want to have payment fields inside of your form you have to use one of JotForm payment tools. 

Inside of this articles you can find out more about payment tools and how to set payment form:

http://www.jotform.com/help/47-Order-Form-Basics 

http://apps.jotform.com/category/payment_processing 

http://www.jotform.com/help/165-Setting-Up-Your-First-Order-Form 

If you want to delete your submissions, you can do it on submission page of your form. On submission page click on Delete option to delete your submissions. 

Once submission is deleted it is not possible to recover deleted data, so I would suggest you to download them first to your computer before deleting them. You can Export Form Data to Excel:

http://www.jotform.com/help/44-How-to-Export-Form-Data-to-Excel 

Hope this will help. Let us know if you need further assistance.