3 Questions of a new Landlord

[Nick Ferrari]

Hey Everyone!,

I just recently bought my first rental and i've got some basic questions.  Any help regarding below would be GREATLY appreciated.  THANK YOU!

1.)  What do you suggest regarding a pay schedule for tenant. 

A.) Should you give them the option of which day of the month is best for them so they can pay you timely?

OR

B.)  Pick a random day of the month say the first and stick with that date?

2.)  What do you suggest for methods of payment? Cash, Credit, Check, Direct Deposit?

A,)  I was thinking either Direct Deposit or Check

3.) What do you suggest for late fees?  I have a 5 day grace period i'm willing to give. But not sure whether or not I should go with a daily fee for each day or a one time charge for that fee.

Thank for the help guys much appreciated.