I have sold three bikes on ebay and received Paypal payments. No issues whatsoever. Of course there is always a risk. If the bike is damaged in shipping, the buyer could return it. I had one bike packed professionally by an LBS because it was a tandem, and the buyer paid for that. The single bikes I packed myself -- VERRRRY carefully and with a ton of bubble wrap. Both made it to their destinations in good condition using UPS (insured, of course).

Good luck!