@girish I'm not too sure of "how" you referral program had affected your Stripe account, however maybe you should look into the "affiliate program" side of things?
According to my experience I believe that your "referral program" had no attraction simply because of what you offered, in exchange to referring new clients.
Really, "referral or "affiliate or "partner marketing" is almost a 'science' and not something one should just guess. To make it really work one should know what one's talking about, and if not get advice and be informed on the subject. before any implementation.
Of course, any kind of 'MSP' or 'reseller' program or in the like, you name it, is also a viable way to go that goes along with the nature of the product. 🙂