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Try to find a host that will allow you to choose/select the PHP version you want to use, many hosts now provide this option in cPanel.
Using PHP 5.4 and up and MySQL 5.5 and up, may cause some warning or error issues.
Important Note: Also make sure that your host allows crons to be run every 5 minutes, some shared hosting plans do not allow crons to be run under 15 minutes. GoDaddy and HostGator are a couple of examples that only allow cron jobs under 15 minutes on their VPS and Dedicated server plans.