Defer and pay out after American flipped (7)
I believe the answer is:
suspend
'defer' is the definition.
(suspending is a kind of defering)
'pay out after american flipped' is the wordplay.
'pay out' becomes 'spend' (I've seen this before).
'after' means one lot of letters go next to another.
'american' becomes 'us'.
'flipped' shows that the letters should be reversed in order.
'us' in reverse letter order is 'su'.
'spend' put after 'su' is 'SUSPEND'.
'and' is the link.
(Other definitions for suspend that I've seen before include "Hang freely" , "Temporarily halt; hang" , "Adjourn" , "Dangle or postpone" , "Hold up or dangle" .)