What is Level III Processing (3)?

Of the three (3) different levels of credit card processing, Level III (3) provides the lowest transaction processing rate.  But to qualify for the lowest rate, Level III transactions must be passed through the processing system with much more detailed information than Level I or II transactions.  Because so much information must be transmitted, not all terminals are equipped to process Level III transactions.  Purchases that qualify as Level III transactions generally are made with a government credit card or corporate card.