Can woocommerse be used dynamically for billing from another plugin for payment processing?

It is possible, but you’re going to need a product to log in your orders. You could create a product ‘placeholder’ and then pass variables to the cart before checkout. This way the actual product already exists but everything else in WooCommerce will perform as normal.

Orders don’t store a link to the current price of the item as prices change from time to time and then order history would be useless.

An example: The product could be “Rental Space” with a zero value that the user adds to the cart. Your plugin gives it a price in the cart and WooCommerce (and your chosen payment gateway) do the rest.

Your ‘logs’ would be the WooCommerce orders created per checkout.