Cello nails the basics for SaaS companies running in-product, peer-to-peer referral programs. Setup is fast and the embedded referral widgets make it easy for your users to invite others right inside your app, so you get frictionless participation for this specific use case.
But if you're actually running an affiliate program with publishers or creators, the experience falls apart. Every program requires a separate login, so affiliates have to juggle a mess of different accounts and dashboards, which means your program gets ignored. The reporting is barebones, with no visibility into which content is converting or even a clear record of payout history. Payouts through PayPal or Venmo feel unprofessional and add to the admin headache with scattered small payments.
If you're a SaaS business focused on peer referrals, the experience is fine. For affiliates, you run into constant friction and never feel like this is a tool built for you. You still have to fight the platform to get anything meaningful done.