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We do support all standard image formats. However, the compression tool that reduces the file size can only output JPG or PNG. So that you can select your image, for example, in BMP, but the outcome will be jpg or png, depending on your choice.
You can use our Bulk Resizer, where you select all images or photos you want to resize to 500kb, and we will compress them all at once. You can also change the width or height of all images at once. This tool comes without limits or costs.
We do compress your file in most cases lossless so that you won't see a difference. 500kb is still enough for most images, even if it has enormous dimensions. There are no limits on this tool, so you always try it again with different settings.