If you would like to take benefit of the 20% discount that comes with the annual plan or if you wish to not worry about monthly recurring subscriptions, then you can switch to the annual plan. The annual subscription is only available with these plans.
Q: What happens if I have an older subscription?
A: In this case, you need to click on your name (bottom left) → Subscription and billing → Click on Switch to New Pricing → Select the annual subscription (Billed Annually).
NOTE: You'll lose the old subscription this way. If you want to stick with it, click on Modify Subscription.
Q: What happens if I have a new monthly subscription?
A: You need to go to your Paymo account → click on your name (bottom left) → Subscription and billing → Cancel your current subscription → Re-upgrade by selecting the annual subscription (Billed Annually).