Tenant could not pay full rent. What would the pros do?

[Aaron Sizemore]

So here's a little background on my situation. Just wanted to get some input from you guys on how one should handle this particular situation. I purchased my first rental property, a bank owned townhouse approx. 1 year ago. I spent a little time cleaning it up and had it rented within 60 days or so. My property manager said he had tons of potential tenants but finally settled on a single woman in her 40's, who also held a respectful paying government job. However, she mentioned going through a rough divorce and foreclosure in 2009/2010 which left her with a terrible credit score (I know, first red flag). Property manager supposedly performed all other screenings and spoke highly of her regardless of the credit score. So, fast forward 10 months. She has paid perfect rent, sometimes even a couple days early. This month was different (assuming she spent her rent on Christmas?). I contacted the property manager on the 4th asking if he had heard anything because the contract clearly states that rent is due on the 1st and will be charged a daily $40 late fee after the 5th. I received a response stating that her check has not been deposited yet and that she could only come up with $975 (rent is $1000) until she gets her check. That's right, she apparently couldn't scrounge up $25? My property manager collected the $975 on the 5th and told her that there would be a $40 daily late fee until the rent is paid in full. I finally received a text from the property manager (as I am typing this) stating that she now only has $100. A little math $25+40+40=$105. I know its only $5 but come on! I feel like she is toying with me? If a 40+ year old woman that makes $75k a year cant pay $5 to keep a roof over her head, she has way bigger problems. I also feel as if my property manager is a little inexperienced and soft. So what would you guys do in this situation? Should I set a date stating that if the rent is not paid in full by xx/xx/xx I will do XX? Sorry for the long post. I may be overreacting but this is my first experience with this. Thanks for the future advice!