We only bill monthly, with the exception of SSL certificates which are only available on an annual basis.
With monthly only billing you are not locked into any sort of term commitment or contract. However, if you wish to pre-pay, you can do that by using the Deposit Funds link on the Client Area page.
Simply multiply the monthly rate times the number of months you'd like to pay, and deposit that much to your account. The amount will be added to your credit balance, and automatically applied to new invoices as they are generated, until the balance is zero.