Hello BP family!

So I am a newer Investor/Landlord (since 2014). My question to fellow investors and landlords is how do you charge your late fee structure on your lease agreement, and how much do you charge? 

My state of Minnesota allows me to charge a max of 8% of the rental agreement ($1400/month). I was curious if anyone has another method or knows of any that work better than just a flat late fee like I charge? I don't want to turn away good renters, but I also don't want to attract tenants that feel a smaller fee is easier to manage, say $25-$50.

My Current late charge section includes the following taken from my current lease agreement:

"A late fee of $112.00, (not to exceed 8% of the monthly rent), shall be added and due for any payment of rent made after the 1st of the month. Any late fee(s) are due upon the following month's rent due date. Any dishonored check shall be treated as unpaid rent, and subject to a additional fee of $25, in addition to applicable late fee charges" 

I currently work in the financial field full time, so fee's are fee's. The banks don't let anyone slide, and charge you an overdraft or late payment, but being new to the real estate game, is this along those lines as well? Any ideas to improve? Is that too steep of a fee? What works for you? 

Thank you in advance for any input!!