How can I convert the color in this button into an alpha transparency so that any background will show through, changing the color of the button?

Question

The button has a layer in it that has a bevel/emboss filter on it. I'm stumped.

Here's the PSD that I'm trying to convert.

Answer 1

Changed the fill of the shape to 0 and added a copy to mask the background. Saved it as a PNG with transparency like this:

(The button text is transparent, you will see it if you view the image on a black background)

PSD file

From Reddit.com

Answer 2

Try this:

1. Set the background fill of the button shape to RGB(127,127,127).
2. Set the layer Blend Mode to Overlay.
3. Open the Blending Mode dialog, and play around with Bevel and Emboss.

The first 2 steps will make your button shape "see-through." After playing around with Bevel and Emboss, adding a soft drop shadow and inner glow, I get something like this: