Hello Robert
Here are the answers to your questions:
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What would happen if I was to go over my disk space or bandwidth quota?
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In that case you simply upgrade to one of the higher plans.
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What are all the options i can use to pay my monthly price ?
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I assume you mean payment methods:
Google Checkout- Credit/Debit Card, PayPal, Bank Transfer, Credit/Debit Card - Moneybookers
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If I ever miss payment of one month, do you suspend straight away ?
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The invoice is generated 10 days before the due date. You get another 6 grace days to pay before your account is suspended.
Hope that helps, and in case you have any questions feel free to post