I need to create three tier packages, is there a way to do this? If i created three tiers, would that mean three forms and can I allocate a different payment for each one?

Yes, you can create 3 tier package. You can use the radio field with 3 options, each option representing a tier & adding a relevant image/description & price for it.
Having 3 forms is not required, you can do it in 1 form also.