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Am I correct in assuming that if I select skip payment and start building Apps I won’t be billed for using your product?

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Yes, you wont be billed, your account will work the same as the Free starter one, its only that you wont be able to access most of the features for example, taking off Ads, more storage space, EDU features such as accessing the "Academy" panel where you are able to add, manage and track users.

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