How you prepare an image for a page-layout program depends upon the file formats the program recognizes:
Adobe InDesign 2.0 and later can place Photoshop PSD files. You do not need to save or export your Photoshop image to a different file format. Transparent areas are displayed and printed as expected.
Most other page-layout programs require you to save the image as a TIFF or EPS file. However, if the image contains fully transparent areas, you must first define those areas using a clipping path. Check the documentation for your page-layout program to determine the best format for importing Photoshop images.
If the page-layout program cannot place Photoshop PSD files, follow these steps:
TIFF Options dialog box: set Image Compression to None.
EPS Options dialog box (Windows): set Preview to TIFF (8 bits/pixel) and Encoding to ASCII85.
EPS Options dialog box (Mac OS): set Preview to Mac (8 bits/pixel) and Encoding to ASCII85.