How Growth Company CFOs Are Using Working Capital as a Strategic Lever

Walking through the West Loop or navigating the high-rises of the Chicago Loop, you can sense the shift in how the city’s middle-market engines are operating. For decades, the prevailing wisdom among Chicago’s growth-stage companies was to treat working capital as a safety net—a quiet reserve kept in the back office to weather the inevitable volatility of the Midwest’s industrial and commercial cycles. However, a new data landscape suggests that the city’s finance leaders are abandoning the cushion in favor of a strategic lever. According to a recent report by Visa and PYMNTS Intelligence, working capital is being reimagined as an active tool to drive expansion rather than a passive shield against risk.

The Velocity of Cash in the Windy City

The findings from The 2025-2026 Growth Corporates Working Capital Index, which surveyed 1,457 CFOs and treasurers across 23 countries, reveal a distinct trend in North American business operations. Specifically, 61% of North American growth corporates are now leveraging card acceptance as a deliberate strategy to reduce days sales outstanding (DSO). For a Chicago-based distributor operating out of a warehouse near O’Hare or a mid-sized manufacturer in the suburbs, this shift is transformative. By accepting cards, these firms are effectively converting receivables into usable cash almost instantaneously, bypassing the traditional, agonizing wait for net-30 or net-60 payment terms.

This urgency is not without cause. The report highlights a persistent leak in the bottom line: growth corporates in North America lose an average of 3.0% of revenue chasing late payments from business customers. While This represents lower than the 5.0% loss seen in Latin America, it still represents a significant drag on liquidity. When you consider that the average bottom-line benefits of using external working capital solutions in North America range up to 3.1% of revenue—translating to roughly $13.4 million in dollar terms based on the report’s underlying revenue estimates—the incentive to modernize payment rails becomes an existential necessity.

The AI Adoption Gap and the Regional Opportunity

There is a striking disparity, however, when it comes to the integration of artificial intelligence in treasury management. While 65% of European growth corporates have adopted new forms of AI for working capital efficiency—utilizing it for scenario modeling, forecasting and invoice processing—North America lags significantly at 42%. For the Chicago business community, this gap represents a massive opportunity for leapfrogging.

Local institutions like the Federal Reserve Bank of Chicago often monitor these liquidity trends, as the stability of middle-market firms is foundational to the regional economy. The report suggests that finance leaders are no longer just covering shortfalls; they are using liquidity to fund capital investments and upgrade systems. In a city where the competition for talent and infrastructure is fierce, the ability to pay strategic suppliers faster or expand into new markets using optimized cash flow can be the difference between capturing a new sector and being sidelined by a more agile competitor.

This evolution mirrors a broader trend toward modernizing corporate treasury functions, where the goal is to produce cash flow predictable. When a CFO can accurately forecast cash needs through AI, they can move from a defensive posture to an offensive one, investing in growth precisely when the market presents an opening.

Bridging the Gap with Traditional Finance

A recurring theme in the Visa and PYMNTS Intelligence data is that growth corporates—those with enough scale to power local and regional economies—remain underserved by traditional financial providers. This is a sentiment echoed in many boardroom discussions across the Midwest. Traditional banks have often struggled to provide the flexibility that a rapidly scaling company requires, leading many CFOs to seek out external working capital tools to manage volatility.

The result is a more precise model of treasury management. Rather than relying on a generic line of credit, firms are utilizing a mix of card acceptance and external liquidity tools to ensure they have the cash on hand to buy inventory or pay suppliers without compromising their long-term resilience. This shift is essentially a move toward B2B payment optimization, treating the payment process not as an administrative task, but as a core component of the company’s value proposition.

“For many growth-company CFOs, working capital is no longer a back-office cushion, but a strategic lever.” The 2025-2026 Growth Corporates Working Capital Index, Visa and PYMNTS Intelligence

Navigating the Transition: A Local Resource Guide

Given my background in analyzing regional economic shifts and corporate financial health, the “strategic lever” approach requires a specific set of expertise. If these trends are impacting your operations here in Chicago, you cannot rely on generalist accounting. The complexity of integrating AI-driven forecasting with card-based receivable acceleration requires specialized guidance.

To successfully transition your working capital strategy, I recommend seeking out these three specific types of local professionals:

Middle-Market Treasury Consultants

Look for consultants who specialize specifically in “growth corporates” rather than Fortune 500 firms. You need a partner who understands the unique constraints of a company that is too big for small-business loans but too small for the bespoke services of a global investment bank. Ensure they have a proven track record of reducing DSO (Days Sales Outstanding) using non-traditional payment rails.

B2B Fintech Integration Specialists

Since North America is lagging in AI adoption (at 42%), you need a technical expert who can bridge the gap between your legacy ERP system and modern AI forecasting tools. Look for specialists who can implement automated invoice processing and scenario modeling without disrupting your current operational flow.

Fractional CFOs with Scaling Expertise

For companies in the growth phase, a full-time CFO might be an unnecessary overhead, but a bookkeeper isn’t enough. Seek a fractional CFO who has experience in “liquidity as an operating advantage.” Their criteria should include a history of managing external working capital tools and a deep understanding of how to turn a 3.1% revenue benefit into actual bottom-line growth.

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