Zero Toleance on Late Rents Possible?

[Alberto Camacho]

I'm reading the thread where the tenant refused to pay the late fee and it got me thinking. 

Has anyone run a place with zero late rent policy? No fees, no excuses just a 3 day notice when rent is late. Not suggesting we should but I'm curious if anyone is operating like this. Are there any legal ramifications with taking this approach? 

While many enjoy the added revenue fees bring, late fees seem to provide rationale in accepting this behavior. I know of one tenant, not mine, that is always late and always pays the late fee.