It is the latest technolgoy available and it is extremely convenient to avoid to invest in a linux VPS to have a custom PHP configuration.
It is also straight forward to access such feature and here is how :
1) You need to login to your cPanel interface.
2) You need to scroll at the bottom to the "Software and Services" category and click on Select PHP Version as shown below :
The first scroll down is about the PHP version which you change by selecting it, hit 'Set as current' and save. ** Changing the PHP version is required to enable customization, you should however find the same PHP version in the dropdown as the one you are using**
Then underneath, you have all the PHP options which you can add individually to fullfill the most demanding requirements from the CMS you want to use for example.
The settings would override the default PHP configuration.
Once, you have selected the components, you would need to hit the save buttons and it will be applied to the PHP version you have selected.
That's it! We hope you have appreciated this guide which would make your life a lot easier.