Credit Policy for businesses and how to extend credit and manage credit risk

Recently the Wall Street Journal did a series on debt collection that I participated in.  In addition to taping a video for them to play on their website, they had articles and a  few days where I answered questions on a forum where business owners could ask collection questions and get expert answers live.  When people joined the forum they could participate in a poll and the question was:

What do you do if you’re late paying a bill?

There were a total of 831 votes. 

70 of you (8%) said you don’t do anything if you are late paying a bill, you figure the company will contact you if they want to get paid.

215 of you (26%) said you call the company and try to get more time to pay and try to get the late fees waived. 

239 of you (29%) said you pay the bill and any late fees right away.

307 of you (37%) said you are never late paying a bill.

What do you think? Are you ever late paying your bills? When you are late, what do you do?