Although I can't remember off the top of my head WHAT the terms are; yes, I do have a late fee in my contract. I also charge in advance of care (means I never get stiffed/shorted) and have clearly stated that I will turn them away at the door if payment has not been received.
Having said THAT: I will implement these policies as I see fit. Only once have I charged that late fee, because it was becoming routine for this family. One of my families always used to "forget" their cheque, so I asked for a set of 6 post-dated "so I didn't have to keep hassling them", hahaha. If I have a number of new families in attendance, I will post a note at the end of the month ie; Please remember that fees for next month are due this week. Thank you!
If a family was truly strapped for cash (Paycheque comes on the third, and I am to be paid on the first, etc) I would hope that we have a good enough relationship that they will be honest with me. In those cases, they get one "gimme" and after that, too bad, I better have my money in hand or no daycare for you!! After all, how would they like it if the HR dept at their work said "Oh, oops. Guess I forgot to do the paycheques this week. You'll be okay if I get it to you sometime next week?" Somehow, I think not!!