Fuknsuk

I am trying to do a watermark in procoder but am a bit confused. Procoder has a bitmap keying option, so as far as creating an image with a blue background and then keying out the background, that is not a problem. However, how do you make a transparent?
It says it supports an alpha channel, but I didn't think bitmaps supported alpha channels? When I create one in after effects or photoshop it doesn't have an alpha channel.
Does anyone have any tips for creating a professional looking watermark? No matter what font I choose, there is a outline around my watermark.
And no, Procoder does not support .png/gif/jpg/tiff format.