How Does Canopy Ensure Secure Payment Processes?
At Canopy, we understand that CPAs handle sensitive financial information daily, making payment security a top priority. To safeguard client data and ensure compliance with industry standards, Canopy undergoes an annual third-party audit to maintain SOC 2 compliance—a rigorous framework established by the American Institute of Certified Public Accountants (AICPA) for data security, availability, and confidentiality.
While SOC 2 compliance safeguards your data within Canopy, payment security extends beyond our platform. Canopy partners with Adyen, a leading global payment processor, to securely handle transactions made through our system.
As our payment processor, Adyen is responsible for processing payments, encrypting financial data, and maintaining compliance with PCI DSS (Payment Card Industry Data Security Standard)—a global security framework designed to protect cardholder data, reduce fraud, and mitigate the risk of data breaches caused by malicious attacks.
To learn more about PCI Compliance, check out our article here!
Tokenization: Protecting Sensitive Payment Data
One of the key ways Canopy secures payment information is through tokenization—a cutting-edge security measure that replaces sensitive payment data with a unique, randomly generated token. This process significantly reduces the risk of data breaches by ensuring that no actual payment information is stored or transmitted in a vulnerable format.
How Tokenization Works
A token is a randomly generated string of characters that holds no intrinsic value or meaning.
The original payment data is securely stored in a separate, highly protected environment.
The token acts as a stand-in for the original payment data, allowing transactions to be processed without exposing sensitive information.
Why Tokenization Matters for CPAs
For CPAs and accounting firms handling client payments, security is non-negotiable. Tokenization provides multiple benefits, including:
Privacy Protection – Limits exposure of permanent identifiers, ensuring sensitive financial data remains confidential.
Enhanced Security – Reduces the risk of payment fraud by eliminating direct access to actual card or bank details.
Regulatory Compliance – Helps CPAs maintain compliance with industry security standards, including SOC 2 and PCI DSS.
Cost Efficiency – Often more affordable and easier to implement than full encryption, reducing overhead costs for firms.
By integrating tokenization into Canopy’s payment processing system, we help CPAs secure client transactions, reduce risk, and maintain trust—all while simplifying the complexities of data protection.