When I open the file in PS, i get the following error: "Some text layers contain fonts that are missing. These layers will need to have the missing fonts replaced before they can be used for vector based output."

You shouldn’t worry much about this message. It is just Photoshop letting you know that your version of the font file and the one the designer has are not the same. So if you allow PS to update the layers, no harm will be done. What is more important is a “Missing Font” error, which means that you don’t have the font that was used. Having a designer rasterize or convert all layers to shape (outline) all of the font layers before they send them to you would take care of this issue. Given that you do not intend to edit the text, there will be no difference if you have it as an actual text, or a mere shape.

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