Hello Frances,
I hope you are well today.
You need to install the WPFactory Helper plugin in order to use the license key for automatic update. You can download the plugin here.
After installing the plugin, please navigate to Dashboard > Settings > WPFactory. The Cost of Goods for WooCommerce Pro plugin should be listed there. Then, click on Actions > Set Key, and paste the key into the input field. After that, you should start receiving automatic updates.
I hope you found this information beneficial. If you have any other questions or need assistance, please contact us.
Kind regards,
Moshtafizur