function get_unpaid_orders() {
            global $wpdb;

            $unpaid_orders = $wpdb->get_col( $wpdb->prepare( "
                    SELECT posts.ID
                    FROM {$wpdb->posts} AS posts
                    WHERE posts.post_status = 'wc-on-hold'
                    AND posts.post_date < %s
            ", date( 'Y-m-d H:i:s', strtotime('-1 minute') ) ) );

            return $unpaid_orders;
    }

add_action( 'woocommerce_cancel_unpaid_submitted', 'cancel_unpaid_orders' );
function cancel_unpaid_orders() {
            $unpaid_orders = get_unpaid_orders();

            if ( $unpaid_orders ) {
                    foreach ( $unpaid_orders as $unpaid_order ) {
                            $order = wc_get_order( $unpaid_order );
                            $cancel_order = true;

                            foreach  ( $order->get_items() as $item_key => $item_values) {
                                    $manage_stock = get_post_meta( $item_values, '_manage_stock', true );
                                    if ( $manage_stock == "yes" ) {
                                            $payment_method = $order->get_payment_method();
                                            if ( $payment_method == "bacs" ) {
                                                    $cancel_order = false;
                                            }
                                    }
                            }
                            if ( $cancel_order == true ) {
                            $order -> update_status( 'cancelled', __( 'The order was cancelled due to no payment from customer.', 'woocommerce') );
                        }
                }
       }
}