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The new Payable Forms Google Form add-on allows users to easily create forms for various purposes, such as online t-shirt signups, order forms, and event registrations. Users can customize their forms without programming knowledge, including rules, logic, logos, and colors. The add-on adds the ability to accept payments as part of form submissions, including dollar values for different options, automatic total calculation, and payment submission requests. This tool enhances the functionality of Google Forms by enabling users to collect payments seamlessly.