B2B Late Payments Squeeze Working Capital as Annual Index Tracks Mid-Market Liquidity

Late B2B Payments Drain Working Capital as Index Tracks Corporate Liquidity Strategies

Growth corporates continue to grapple with the financial drag of late business-to-business payments, according to research from the 2025–2026 Growth Corporates Working Capital Index — a PYMNTS Intelligence study commissioned by Visa, now in its third annual edition. The index tracks how mid-market companies manage liquidity, receivables, virtual cards and broader working capital strategies, and its findings carry direct implications for treasury teams seeking to maintain operational resilience.

The research series has produced multiple editions across the 2025–2026 cycle, including a North America edition published in January 2026 and a Research Report Data Book released around March 2026. No specific revenue band for the companies studied could be confirmed from the sources available to this publication, and readers should consult the primary PYMNTS and Visa documents directly for the precise scope of the corporate cohort examined.

The 2025–2026 index represents the third consecutive annual collaboration between Visa and PYMNTS Intelligence, reflecting sustained institutional interest in how growth corporates position their working capital amid evolving liquidity pressures.

What the Index Covers

The 2025–2026 Growth Corporates Working Capital Index examines the approaches companies take to managing their balance-sheet positions, with thematic focus areas that include:

• Liquidity management — how firms structure cash reserves and credit facility access across business cycles
• Receivables optimisation — the role of invoice timing, payment terms and collection velocity in sustaining operational cash flow
• Virtual card adoption — the extent to which digital payment instruments are integrated into accounts-payable processes
• Working capital planning — the strategic frameworks finance teams apply when forecasting capital needs

According to the North America edition of the index, 86% of North American growth corporates plan working capital expansion in 2026 — a figure drawn from the January 2026 PYMNTS publication, which represents a primary source within this research series.

The index does not, on the evidence available to this publication, characterise specific behavioural benchmarks — such as real-time treasury dashboard adoption or invoice-matching automation rates — as confirmed quantitative findings in the editions reviewed. Those themes are, however, consistent with the index's broader thematic framing around digital treasury practice.

European Regulatory Context — Pending Verification

Several regulatory developments in Europe are directly relevant to the structural problem the index describes. However, this publication has not independently verified the current legislative status of the EU's proposed Late Payment Regulation, the compliance picture under the UK's Prompt Payment Code framework, or the specific product strategies of fintechs operating in the receivables and supply-chain finance space. Until those claims can be sourced to confirmed primary documents, they are not reported here as settled facts.

Readers tracking the European dimension of B2B payment delays should consult primary legislative sources — including the European Parliament's published legislative tracker and the UK Government's Prompt Payment Code reporting — for current compliance and enforcement data.

Why the Research Matters

The working capital index series reflects a structural tension in corporate finance: the gap between contractual payment terms and actual settlement behaviour generates friction throughout supply chains, with compounding effects on supplier liquidity, credit facility utilisation and, ultimately, corporate revenue performance.

The 86% of North American growth corporates planning working capital expansion in 2026 — the single headline behavioural finding confirmed across primary sources — suggests that finance leaders are actively responding to that pressure rather than treating it as a fixed cost of doing business. Whether that expansion translates into accelerated B2B payment settlement, or is directed primarily toward credit line extension and cash buffer-building, is a distinction the fuller index editions address in detail.

The Visa and PYMNTS Intelligence research package, including the January 2026 North America edition and the March 2026 Research Report Data Book, is available via the PYMNTS study pages and Visa's corporate document library.

This article reports only on verified findings from primary and corroborated secondary sources. Claims that could not be confirmed from successfully read source material have been withheld pending further verification.