It can be a little (a lot!) confusing!
What Lensman accurately observes is that, while you do have the choice of taking a one-time payment of "up to $97.00" for a referral or a %$ of your referees' total payments, the current trend of new users seeking, and finding, full $97 off promocodes makes it unlikely you would get many (any?) referrals if you opt to only refer them for a % of their spending (because they will receive no discount).
Once you offer a promo code, anyone who uses it is "automagically" converted to the "one-time payment" scheme, even you do elect the "% revenue sharing" reward system as your primary mode of participation.
The present reality is that users passing the entire $97 on to the new customer as a discount are easily found, so offering much less is not likely to result in many referrals (though some do still manage to receive small portions with lesser discounts, from new users that are willing to forgo a few dollars of their own potential discount as a "thank you" to some referrer who has been helpful to them).
Even if you give the full discount, you can still make $5.00 per every secondary referral, and that is from where much of the current rewards payments actually come.