Late fees & grace period (Arkansas)

[Susan H.]

[Likely questions with an obvious answer to all you experienced folks...]

My rental property is in Arkansas where the state statute notes a 5-day grace period. If rent is due on the 1st, can I send a "you're late" notice on the 2nd even though they have until the 5th of the month to pay in full?

And if I understand all this correctly I can't charge a late fee until the 6th of the month. That begs the question, then: why would a tenant feel obligated to pay on time on the 1st?