There are 3 pricing options you can offer your members: Monthly, Yearly, and One-Time. You can offer just 1 option...to all 3 options.
Monthly
The Monthly option lets members subscribe with monthly recurring payments. This option encourages members who do not like long membership commitments.
Members on a Monthly subscription are automatically billed on a monthly basis, based on the day they started their membership.
Yearly
The Yearly option lets members subscribe with yearly recurring payments. This option typically involves a discount on the monthly option. So, consider making it a bit cheaper than 12 months of your monthly rate.
Members on a Yearly subscription are automatically billed on a monthly basis, based on the day they started their membership.
One-Time
The One-Time option lets you give a "lifetime" membership based on a flat rate. There is no recurring payment with this option, so consider making this option more expensive than your Yearly option.
Billing for Canceled Memberships
If a member cancels a recurring subscription, the subscription is not prorated, and they are not refunded the remaining time of the subscription. Their membership is actually still active until the last day of their current billing cycle. After the last day of their billing cycle, their subscription will automatically be canceled, and they will no longer be billed for their membership.