Despite the settings, your children can run up bills through third party applications (games) with no limit. If you cancel the payment immediately as you didn't authorise it, PlayStation will block you on the network and say you have to pay or they will permanently put a ban on the console so you can not even sell it on. Parents avoid!
This company stole $99.95 USD from me without my consent through Paypal for a service I haven't used in 2 years. Paypal sided with them and put in the transaction anyway despite my contacting ExpressVPN to cancel my account. ExpressVPN promised to refund me the money and said they did, but they didn't. So I made a complaint to Paypal again and I have to keep contacting them and receive more lies and excuses from them not to pay me back because I "put in another dispute". I have to take legal action. AVOID!