What High-Performing CFOs Know About Virtual Cards That Others Don’t

The chief financial officer’s advantage in 2026 is not access to cheaper capital.

It’s the ability to extract more value from capital already sitting inside the business.

The companies doing that most effectively are converting cash nearly 20 days faster than their peers, according to PYMNTS Intelligence’s June “Growth Corporates Working Capital Index.” They’re not necessarily those with access to the cheapest capital. They are organizations that have wired working capital into growth through digitized, integrated payment ecosystems. Virtual cards sit at the center of that transition.

In an environment defined by persistent economic uncertainty, elevated financing costs and complex supply chains, working capital has emerged as one of the most consequential levers available to finance leaders. Working capital optimization offers a source of liquidity that does not require issuing debt, diluting shareholders or cutting strategic investments, something increasingly rare in corporate finance. Every improvement in receivables, payables or inventory management effectively creates additional funding capacity from within the business itself.

The PYMNTS Intelligence index found that 80% of high-performing enterprise finance teams use working capital solutions like virtual cards for planned growth, compared to just 2% of bottom performers. Among laggards, 67% reserve working capital for emergencies rather than deploying it as a strategic asset.

See also: Good CFOs Automate but Great CFOs Anticipate

Cash Velocity Becomes a Competitive Weapon

The enterprise CFO faces a contradiction in 2026’s operating landscape. Businesses are expected to move faster than ever, but traditional payment systems still introduce friction at nearly every stage of the cash cycle. Supplier payments remain fragmented, invoice reconciliation is labor-intensive, approval chains slow procurement, and, as a result, cash visibility is often delayed by days or weeks.

The companies creating measurable advantages, however, are solving these problems through digitized payment ecosystems that collapse the time between transaction, settlement and visibility. Technologies that accelerate liquidity cycles effectively create internal financing capacity when external capital remains expensive.

Unlike many forms of transformation spending, improvements in working capital efficiency often generate immediate financial returns. This helps explain why finance leaders are prioritizing payment innovation even amid broader spending discipline. Traditional treasury operations focused on protection, but modern treasury operations focus on velocity.

Virtual cards contribute to that velocity in several ways simultaneously. They improve reconciliation through richer transaction data while reducing fraud exposure compared with static payment credentials. They also streamline supplier onboarding and create a programmable payments layer that gives finance teams greater precision over timing and cash deployment.

Read the index: The 24-Day Advantage: What Top-Performing CFOs Know About Working Capital

Why Supplier Complexity Matters More Than Ever

One of the more revealing findings from the index involved supplier networks themselves.

Organizations with fewer than 50 suppliers reported faster cash conversion cycles than businesses managing more than 100 suppliers. The difference was roughly 23 days versus nearly 49 days. At first glance, the finding appears intuitive, as complexity slows systems down. However, the implication is more profound than supplier sprawl alone.

What matters is not simply the number of suppliers. It is the degree of integration between buyers, suppliers and payments infrastructure. Large enterprises historically accepted fragmented supplier ecosystems as unavoidable side effects of scale. Yet fragmented ecosystems create hidden financial drag. Different payment terms, incompatible invoicing standards, manual reconciliation processes and inconsistent settlement timelines all increase the amount of capital trapped inside operations.

The companies outperforming peers are reducing that drag through standardization and digitization. Virtual card adoption plays a central role here because it effectively creates a common payment framework across supplier relationships. Suppliers gain faster settlement and reduce administrative overhead. Buyers gain cleaner data, more predictable cash timing and enhanced control over working capital flows.

That dynamic helps explain why digitized payment systems are increasingly appearing inside broader enterprise transformation initiatives rather than remaining isolated finance projects.

As a result, treasury functions are becoming more tightly integrated with procurement, operations and enterprise technology teams. Decisions around payments, supplier management and liquidity forecasting increasingly happen in coordinated systems rather than departmental silos.

Virtual cards support that visibility because every transaction generates structured digital data that can be integrated into forecasting and reconciliation systems in near real time.

As economic conditions remain unpredictable and competition for capital intensifies, the companies that excel at working capital management could enjoy advantages that extend beyond finance. The next generation of CFO leadership may ultimately be defined not by who raises the most capital, but by who unlocks the most value from the capital already within reach.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.