01 Custody
Who holds the money when affiliates get paid?
On the standard route, you do. Partnero connects your own PayPal or Wise account, and their pricing page says payouts are fully automated with no additional Partnero fees. That is the same non-custodial model AffiliateRail is built on, and this page says so plainly.
Partnero also offers a managed route. Their help centre says Partnero charges a card you provide and then distributes the money to your partners, with an additional 7% fee. On that route the money passes through them. It is optional and PayPal only.