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Late Fees

What is typically the standard for late fees. Currently I have rent due on the 1st, if not received within 3 days following the due date (so if not received by end of day on the 4th), then late fees of $50 + $25 a day. I'm considering either changing this to a flat one time fee or keeping this method and putting a cap on it (e.g., $50 + $25 a day not to exceed $200). I don't want to create a scenario where the tenant cannot catch up. That's not good for them and it's not good for me. Thoughts? Ideas? Experiences?
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