WPBakery Visual Composer Plugin

Hello,

I have had a notification in my dashboard telling me there the plugin WPBakery Visual Composer needs to be updated. When I try to update it, though, I get this message: An error occurred while updating WPBakery Visual Composer: To receive automatic updates license activation is required. Please visit Settings to activate your Visual Composer.

I go to Settings, but cannot seem to see what it is that they are refering too. Can anyone give me more specific instructions? Thank you!