If the buyer was able to place the bid in the first place then he should be able to pay. If you haven't already done so and the buyer still hasn't paid you by the time you read this response open an Unpaid Item Dispute now. The buyer will receive reminders from eBay telling him to pay for the item, so you won't have to keep on chasing him for payment. If he still hasn't paid by the time that eBay offer you the option to close the case then close down the Unpaid Item Dispute, making sure that you tick the "No" box when you see the screen with the question "Did this buyer pay for the item?" If you do that you'll get your Final Value Fees refunded in full, and the timewaster's account will be hit with an Unpaid Item Strike. If he picks up two or more Unpaid Item Strikes within the past twelve months then he'll find it very difficult to buy on eBay until those strikes expire, as most sellers tend to set their selling preferences up to automatically block buyers with two or more Unpaid Item Strikes on their account during the past twelve months.
Whatever the final outcome of this matter, add the buyer's User ID to your Blocked Bidders List so that he cannot purchase anything else from you in the future and waste any more of your time.
