CFOs Say Cash Visibility Matters More Than Capital Access

The 21st century has flipped many longstanding business assumptions on their heads. Not the least of which is the traditional point of view that working capital is just a defensive tool firms can use to plug cash gaps as a last resort.

In this legacy mindset, access to capital mattered most for businesses. The firms that could secure larger credit lines, negotiate longer terms or tap liquidity quickly were presumed to be better positioned than those that could not.

But findings in the “2025–2026 Growth Corporates Working Capital Index: North America Edition,” a collaboration between PYMNTS Intelligence and Visa, reveal that improvements in business performance are increasingly being driven less by how much capital firms can access and more by how clearly they can see, predict and time their cash flows.

Working capital for North America’s Growth Corporates—mid-market firms with revenues between $50 million and $1 billion—the report underscored, is no longer just about volume. It is about visibility.

One of the most striking findings in the report data was the sharp decline in unpredictable financing needs among firms that have improved cash flow visibility. When CFOs can accurately forecast inflows and outflows, surprises diminish. Emergency borrowing becomes less frequent, and liquidity decisions shift from crisis response to scenario planning.

From Defensive Liquidity to Strategic Deployment

The Working Capital Index found that mid-market businesses in North America are now far more likely to use working capital deliberately, aligning liquidity with strategic goals such as product innovation, market expansion and supplier optimization. Nearly 9 in 10 firms surveyed (86%) are planning to expand their use of working capital this year.

This shift reflects a broader rethinking of what working capital is for. When liquidity is treated as a last resort, it tends to be expensive, blunt and reactive. When it is treated as a strategic resource, it becomes precise and intentional, and firms are able to deploy capital earlier in the decision cycle.

Firms that lack visibility into their balance sheets often compensate by holding excess cash, delaying payments or slowing investment, all of which carry opportunity costs. Others take the opposite approach, pushing aggressively on growth while hoping liquidity will hold, only to be forced into reactive measures later.

And as Growth Corporates gain better cash flow visibility, the report found many are choosing to pay suppliers earlier, not later. This is not an act of generosity; it is a strategic decision enabled by confidence in cash timing. Early payments can unlock discounts, secure inventory in constrained markets and strengthen relationships with critical suppliers.

Read the report: 86% of North American Growth Corporates Plan Working Capital Expansion in 2026

Visibility is what makes this possible. Without clear forecasting, early payment feels risky. With it, early payment becomes a lever. Firms can decide when accelerating payments improves their position and when conserving cash is more prudent. Over time, this flexibility reshapes supplier dynamics, shifting relationships from transactional to strategic.

And while margin improvement is often associated with scale such as bigger volumes, better negotiating power and lower unit costs, for Growth Corporates, scale has limits. What the Index revealed is that margin is increasingly being unlocked through precision.

When firms can see cash flows clearly, they reduce friction across the organization. Reconciliation becomes simpler, forecasting improves and decisions about pricing, inventory and investment are made with better information. Small inefficiencies that once went unnoticed such as late payments, idle cash and missed discounts are instead identified and corrected.

The firms reporting the strongest gains are not those pursuing aggressive financial engineering, but those systematically improving how information flows through their finance functions.

Ultimately, the Working Capital Index points toward a future in which the most valuable asset in corporate finance is not liquidity itself, but insight into liquidity. As Growth Corporates head into 2026, their plans reflect this understanding. They are not simply seeking more capital. They are seeking better control, sharper forecasting and greater agility.

At PYMNTS Intelligence, we work with businesses to uncover insights that fuel intelligent, data-driven discussions on changing customer expectations, a more connected economy and the strategic shifts necessary to achieve outcomes. With rigorous research methodologies and unwavering commitment to objective quality, we offer trusted data to grow your business. As our partner, you’ll have access to our diverse team of PhDs, researchers, data analysts, number crunchers, subject matter veterans and editorial experts.