cPanel's billing system runs on the 1st of each month. If the invoice is unsuccessful, the system will attempt to renew using the primary payment method on file once a day until the 4th day of the month. If billing is unsuccessful by the 4th attempt, the license(s) in the renewal invoice will expire.
The system will provide a receipt after payment has processed. The invoice for the renewal is available inside of the cPanel store account at https://store.cpanel.net/my/orders.
The "Orders & Invoices" section in the above link will list all invoices associated with orders for the account.