Bundled processors collapsed that. Signing up gives you both functions in one account, usually approved the same day with no negotiation and no personal guarantee. What you trade away is rate flexibility, because published flat pricing is what makes same day approval possible. What you gain is that you can accept payment this afternoon instead of in six weeks.
The crossover point is real but further away than most people assume. A dedicated merchant account can be negotiated below the standard flat rate as volume grows, and for a business processing substantial monthly card volume the difference becomes a meaningful line item. Below that, the savings are too small to justify the application process, the underwriting, and the ongoing account management. Most first year businesses are not close, and pursuing it early costs time that would return more elsewhere.
There is one situation where it matters earlier. Certain industries are treated as higher risk by bundled processors and may be declined or shut down without much warning, sometimes after money has already been taken. If your category is on that list, and it is worth checking rather than assuming, then a relationship with an acquirer who has underwritten your specific business is worth having despite the effort.
For everybody else the sensible path is to start bundled, watch what processing actually costs as a percentage of revenue, and revisit when that number becomes something you notice on the profit and loss rather than something you have to go looking for.
Watch what processing actually costs as a share of revenue rather than looking at the rate, because the headline percentage is not the whole figure. Additional charges apply to certain card types, to transactions where the card is not present, to international cards, and to chargebacks. The total divided by your revenue is the number worth tracking monthly, and it is frequently higher than the advertised rate by a meaningful margin.
Understand what happens to your money between the sale and your bank, since payout timing affects cash more than the fee does for a business without reserves. Standard settlement is typically a couple of business days and can be longer for new accounts, and some processors hold a reserve against chargebacks for higher risk categories. Establishing that before you depend on same week cash is considerably better than discovering it during a tight month.