Release payment children's author cut (6)

I believe the answer is:

ransom

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'release payment' is the definition.
'ransom' can be an answer for 'payment' (ransom is a kind of payment). I am unsure of the 'release' bit.

'children's author cut' is the wordplay.
'children's author' becomes 'ransome' (Swallows and Amazons author Arthur Ransome).
'cut' means to remove the last letter.
'ransome' with its last letter taken away is 'RANSOM'.

Can you help me to learn more?

(Other definitions for ransom that I've seen before include "Payment, eg to kidnapper" , "demand an extortionate price" , "Freedom payment" , "Money demanded for the release of someone" , "Rescue" .)

I've seen this clue in The Telegraph.

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