You have two choices.
Neither of them involves getting paid for your item.
You can start an Unpaid Item Dispute on Day Four (96 hours) after the listing ended. This will refund your FVF (selling) fees and you can list the item again if the bidder still does not pay. The bidder gets an Unpaid Item Strike, which will make it harder for him to bid on eBay in future and will not be able to leave feedback. If the bidder seems at all hostile, this is the way to go.
Or, if the bidder seems pleasant and friendly, and if his Feedback Left for Others is also pleasant and friendly, you can offer a Mutual Cancellation. This refunds your fees and both walk away from the transaction. MCs can be started immediately. The bidder can accept (best) or ignore (7 day delay to end) or refuse (and you don't get your fees, he goes free, and you cannot start a UID). The tricky thing is that he can leave feedback, so PYA if he seems at all grumpy or entitled.
