Either way is OK

as long as you feel comfortable. Rent is due on the first day of the month. But normally there are 3 or 5 days grace period. Which means if you didn't recieve (not tenant send out) the full amount rent by 5 pm, 3rd or 5th business day (you decide on the contract 3rd or 5th), it is regard rent late. You can either charge late fee or start eviction ( serve 3 days notice first) process.