Is there a way to reverse the colors of the "Punch Label" font? By that I mean I want the black to be white and the letters to be black. Thanks.

print in Inverted ?
or use the invert colour mode in photoshop ?

or use
Embossing
http://www.dafont.com/fr/embossing-tape.font
Plastique
http://www.dafont.com/fr/plastique.font