Hi,
It is possible and can be rewarding i currently teach online and although there are a lot of complications involved and competition with all the free offers available but any serious students that need to learn for specific purposes are there, like anything it takes time to work on but if you persist with it, it will pay off.
I started teaching privately and now once a week i have a group lesson so my students benefit with a group conversation and it works really well, i charge hourly and payment is made in advance ive never had any problems as yet touch wood with non payment as my students are really keen to learn and if they pay in advance they are more likely to not let you down.
You do get the computer based environment but for students that have work, family commitments etc this works great for them and for one to one teaching this is really benefitable.
Again everyone is different and you will find what works for you, if you keep with it, you will get there, there are also plenty of companies that already established who look for online teachers.
Good luck,
Kelly