| Term | Definition |
|---|---|
| Level 3 Data |
In credit card processing, level 3 data refers to additional information beyond the minimum requirements and beyond level 2 that's included with each credit card transaction. Merchants who meet the requirements for level 3 processing may be eligible for lower processing fees. Information need for level 3 may include the product description, product ID or SKU, unit price, and unit of measure. Level 3 may also be referred to as data rate 3. |
