To update your account's payment method:

1) Log in to your account

2) Click on "My Account"

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3) On the Left Side-bar, click on "Plan & Billing"

 

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4) Click on "Change Payment Method"

 

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5) Update your billing information and click "Update".

 

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If you are not seeing this option on your account, you are most likely not logged in as the administrator, but as a sub-user. Try to log into the dashboard using your administrative account information and you should see and make changes in the Plan & Billing area.